Why You Should Get a Pre-Qualified Loan before Shopping for Calgary Real Estate

Posted by Justin Havre. on Friday, March 15th, 2019 at 3:10pm.

Why Get Pre-Qualified For a Loan?If you are seriously considering buying a property in Calgary you should get pre-qualified for a loan first. By doing so, you will be taken seriously by your real estate agent and home sellers. It shows that you have taken a step towards buying a house and you are committed to it.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

Your Agent Will Take You More Seriously

You will find that your real estate agent will work even harder to search for and get you the ideal home in the shortest possible time. If you do not spend some time to get pre-qualified for a loan, you may find your agent less enthusiastic to work with you. When you have obtained a loan pre-qualification, it shows that you are serious about buying a home Without getting pre-qualified, the chances of a potential buyer backing out on a purchase decision is higher, for whatever reasons may come up. That is why an agent will prefer to work with someone who has been pre-qualified.

The Sellers Will Consider Your Offer More Seriously

Sellers don't want to waste their time either. They may receive some very low offers on their homes by people that are just looking around for someone desperate that will sign their house away at a low price. They also have to make the final decision of what offer they will take, and if it comes down to a choice between someone that has a prequalified loan and someone that doesn't, all other things being somewhat equal, the one with the prequalified loan will usually be chosen. The seller knows that the sale will go through because the loan has already been approved.

You Will Know The Price You Can Pay For A Home

This will prevent you from wasting a lot of time looking at homes that are priced out of your reach. Your agent will do everything possible to help you find you a home within your budget. Having the knowledge of the amount you can afford will save you a lot of time and will give you the peace of mind you need about your pricing limits.

This gives an indication to the home seller that you are a genuine potential buyer and your offer will be given greater attention when compared to a buyer who has not been pre-qualified for a loan. If the seller has several similar offers, the likelihood of your offer being selected is definitely higher.

Prepare to Buy a Home in Calgary Today

There is no better way to get the best service possible than by getting a prequalified loan to purchase real estate. Talk to a bank official about what can get done and then start some serious house shopping with a loan in your pocket.

For informational purposes only. Always consult with a licensed mortgage professional before proceeding with any real estate transaction.

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