This might come as a bit of a surprise to you but being PRE-QUALIFIED, is the generally the first step in the buying process-NOT going to Edmonton open houses or searching the Edmonton MLS.
The main purpose of being pre-qualified is to determine the amount of money you will be allowed to take out form a mortgage bank-simply, the amount of money you can loan.
Knowing how much you can loan will help pinpoint the most suitable house for you. Pre-qualification will also provide you with a realistic expectation.
Here are a few things you need to remember to help you get pre-qualified.
Note: Remember, you can access all our available Homes For Sale in Edmonton through our Edmonton MLS Listings page.
CREDIT SCORE. First things first, check your credit score. You will need to avail of an annual credit report and double-check that all information stated therein are accurate.
MORTGAGE PROVIDER. After you have determined and corrected your credit score, the next step is for you to pick and choose the “best” mortgage provider that will prioritize your interest.
Luckily for you, Team Leading Edge have partnered with Edmonton’s most reputable mortgage providers, these people will help you every step of the away. You can check them here: Edmonton Business Partners.
FINANCIAL RECORDS. To expedite the process of being pre-qualified you have to prepare in advance all your financial records and make sure everything on those records are true and accurate. Tax documents, payslip, bank statements are just a few of the documents that you will need to have on hand.
CASH ON HAND. Lastly, better save up cash. You will need to show to the mortgage provider that you have the ability and resources to pay off your debts.
Also, avoid taking on new debts and pay off the old ones, these two will have a positive or negative effect on your record.
Be extremely mindful of your spending habits. Now that you will be pre-qualified, every penny will count.
Team Leading Edge is here to assist you in purchasing that new home. Being one of Edmonton’s premier real estate specialists, they know the Edmonton real estate industry from the inside out. They’re here to make your life easier. Call now.
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