Expert Advice

Do You Need a Pre-Approved Mortgage?

You have a secure job and a decent income. You’re certain that your credit rating is sound and that you will qualify for a mortgage when you need one. So, why should you bother getting a pre-approved mortgage before shopping for a home?

Well, there are two very important reasons.

First of all, a pre-approved mortgage lets you know, with certainty, how much the financial institution will lend you. You can shop for a home with confidence, knowing that there will likely be no unexpected problems when it comes time to arrange for financing.

Secondly, a pre-approved mortgage makes your “offer” more compelling. Sellers will take your offer more seriously knowing that the price you claim you can afford isn’t just wishful thinking.

All things being equal, if two offers are made for the same home, the one that includes a pre-approved mortgage certificate is more likely to win the deal.

ron-goldkind Written by: Ron Goldkind

Director Business Development

Morris Real Estate Marketing Group /

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The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 7/17/2018 6:44:15 AM