When you think of the first steps in buying a home, you’re probably thinking about talking to a real estate agent and viewing homes, not getting a Mortgage Pre-Approval. However, the first steps should take place months before you speak with that Realtor, which should be with your mortgage broker.
In today’s market, qualifying for a mortgage is no easy feat. Even the most financially-stable applicants may find themselves lacking in certain areas when it comes to meeting mortgage prequalification requirements.
Recently, there has been a remarkable rise in appraisal valuations; in some cases, it’s even reached the purchase price or higher.
You have applied for a mortgage and have been pre-approved! Great, nothing can go wrong, right?
Well, not exactly. There is one major factor working against you, and that is time! A lot can happen from when you are pre-approved until you the closing date.
Both standard and collateral charge mortgages exist, and lenders may offer both types, while others only provide one or the other. It is important that you understand which option suits your borrowing needs.
