One of the best things you can do for your self is getting a pre-approval
Getting a pre-approval for mortgage financing before you start to look for a home is the best way to go, whether you are buying a property to live in or as an investment
If you want a get a clear-cut sense of how much you are eligible to borrow then you want to get a pre-approval. A pre-approval will also assure you of a locked-in mortgage rate for a set period of time, so there is no risk of any interest rate increases while you are house hunting. When you use a mortgage broker, the broker may be able to obtain a longer pre-approval rate hold.
Remember that the property you intend to purchase – along with your supporting information (such as income, down payment and employment history) will have to meet the financial institution’s criteria to be approved for lending. An important note to remember is that a pre-approval is not a guarantee of financing, and does not eliminate the need to make a conditional offer. When giving details to your mortgage broker or agent be truthful, you don’t need to have your deal held up because you gave inaccurate information.
Hans
