What does it mean?
There is a difference between getting pre-qualified and pre-approved to buy one of the apartments for sale downtown. The difference is pre-qualification, which means you can get a loan based on collecting your income and other information. This is why you can get pre-qualified credit card loan offers from time to time.
When you are pre-approved for a home loan, it means that you are able to get that money. You can use it to buy one of the apartments for sale in the city center that you fell in love with. The process involves you actually applying for a loan, providing all your documents, and filling out everything lenders need for approval.
Know what you can afford
There is no point in looking for apartments for sale in the city center that are out of your price range. Thanks to the pre-approval process, you can buy at your market price. You can use filters online to find those that are at or below your approved amount. You can talk to a real estate agent and they can refer you to a property on the market that matches that amount as well.
If you find one of the condos for sale downtown that you want to make an offer on that is lower than what you were approved for, that's exciting! Not only can you buy it, but it also means you can lower your monthly payments below what you know you can afford. That means more money to save or use to pay off your mortgage early.
Make an offer
With a pre-qualification for a mortgage loan, you have bargaining power. When you make an offer on one of these downtown condos for sale, the seller will see that you are already approved. It may be tempting for them to accept the amount you offer rather than wait for another offer.
Since you're already approved, you won't be pining for bids and hoping to get paid. It's very annoying for some consumers who find the perfect place, but then can't get the loan approved. The closing can be done even in a shorter time if you already have an approved loan.
Sometimes there are problems with credit reports that prevent someone from getting a loan. Finding out about them early before you look at the property can be helpful. It gives you time to assess the situation and work to resolve it. Then you can move forward with the purchase of the place and not be hit by unexpected surprises.
Bentley Luxury Condos can help you find your new residence in the Windsor Park area. It's a beautiful place with lots of beautiful scenery, places to explore and great schools. housing options are here. This includes an apartment or house. We are always ready to answer your questions, show you potential properties and help you navigate the entire process. We are constantly adding new information
