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The Benifits Of Pre-Approved Mortgage?

First of all Pre-Approved Mortgage will give us a huge negotiation power when it comes to home purchasing. That means when the sellers see we have mortgage approved already they will favor our offer amongst others offers. Quite often the seller  will accept offer which is $10 000 lower than the best offer just because it is pre approved. The main reason why they would do this is because they also purchased another home and they need the money from selling their own home on time in order to successfully close for the new home they purchased.

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Having a pre-approved mortgage will give you the confidence of knowing exactly what you can spend on a home before you start looking. You will also be protected against interest rate increases while you look for your new home.Your Mortgage Specialist will answer your questions and help you determine which financing terms and options are right for you. ogether with your Mortgage Specialist,we work as a team to help you find the right home and select the best financing.Finalizing Your MortgageOnce you’ve found the home you want to purchase, there are some documents you’ll probably be asked for in order to finalize your financing. They will include:

  • A copy of the real estate listing of the property. If the home is still to be built, the mortgage lender will need to see the architect’s or builder’s plans and details on lot size and location.
  • A copy of the offer to purchase or the building contract, if this document has been prepared.
  • Documents to confirm employment, income and source of pre-approval.

If you have a pre-approved mortgage, it’s a simple matter of finalizing a few details which your Mortgage Specialist will explain to you.