Hawks Landing Community Blog

Why Get Pre-Approved For A Mortgage?

Posted: 21.09.24

If you’re thinking of homeownership getting pre-approved is a smart step to take. It will let you know what budget you’re working with and chances are you’ll close on your new home purchase faster.

 

First of all, you might hear two different terms like pre-qualification versus pre-approval, they are exactly the same. Both terms mean securing a certain value of funding (that you qualify for) to purchase a new home. It’s a good idea to start this process early even if you’re just starting to consider homeownership. As you go through the process of pre-approval, you’ll see if you have sufficient funds or a credit score to achieve your specific goals. If your funds don’t match your desired purchase, your lender can set you up with a plan to get where you need to be both financially and credit score-wise. You’re also able to set your budgetary limits and make sure that any home you’re looking at is a home that you will be able to finance.

 

Another benefit to getting pre-approved is that it signals to sellers that you're a serious homebuyer and that you can secure a mortgage. Not only does it demonstrate your creditworthiness to the seller for the purchase amount, but it can also help to reduce timelines and improves your ability to close your loan faster. In addition to making you a more attractive buyer, a mortgage pre-approval can give you some flexibility in terms of bargaining and negotiations. Sellers who know that a buyer is already qualified for the offer amount may be more likely to make some compromises if it means the sale is a sure thing.

 

Who should get pre-approved? Anyone who is a first-time home buyer, transitioning into a new home, buying an investment property or renewing an existing mortgage. Learning the home loan amount you qualify for can give you peace of mind and bring you one step closer to your goal. A pre-approval will specify a term, interest rate and mortgage amount and will protect you from interest rate increases for a specified amount of time, usually around 120 days.


Owning a new home is truly worth it! You can make it your personal sanctuary and customize it to your lifestyle. Plus, homes are typically great investments and can be a source of security for years to come.

 

Want to learn more about homeownership in Hawks Landing?  Contact Us or our Builders to find out about Available Lots and quick possession homes - Aaro Homes, Okanagan Sunrise Construction and Falcon Signature Homes.

 

Affordable, Quality New Homes Starting From The Mid $600,000’s*.

 

Final Stage - Selling Fast!

 

No Speculation. No Property Transfer Taxes!

 

Visit Us Off Louie Dr. Behind Walmart, West Kelowna hawkslandingkelowna.ca

 

*Prices Subject To Change

 

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