The first step to home ownership is usually to pre-qualify for a mortgage.
When you have reached the decision that it is time to purchase a home in Kelowna or the surrounding Okanagan area of British Columbia, it is not unusual to want to jump into the fun stuff, such as meeting with a real estate agent and touring homes. However, you can have a more effective experience if you start out by reaching out to us at Centum Mortgage Store, Ltd. to help you pre-qualify for a mortgage.
One reason to do so is because some sellers will not schedule a tour of their home with a potential buyer until they have been pre-qualified for an amount equal to or above the asking price of their home. They do this to avoid having unqualified people in their home and not waste their time or their real estate agent’s time. On the latter point, some real estate agents also require their clients to pre-qualify for a mortgage before they’ll schedule any showings.
Another reason to pre-qualify for a mortgage is to save yourself the grief of looking at homes outside the price range you qualify for. You’ll have a realistic picture of what you can purchase, which also can open up opportunities if you end up qualifying for more than you thought. It doesn’t hurt to save yourself time either by not looking at homes that fall below or above your pre-qualification range.
It is important to note that the process of pre-qualifying for a mortgage is not a guaranteed approval. It is based on what you put on the application, and if any of those figures are unable to be proven during the loan processing stage, you may not get as much or could be declined completely. This is why it is important to complete your application accurately and include only information that can be substantiated with documentation. Of course, you will have our guidance throughout this process, and we’ll answer any questions you might have so that your application and lending experience go smoothly. Contact us today to learn more and to gain access to more than 20 lenders and the benefit of our expertise.