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Yes! Mortgage preapprovals are really needed

A pre-approval will help ensure you're viewing homes in the correct price range and have the best chances for approval when it comes time to make an offer! Plus, it will save you and your Realtor time, and the unnecessary embarrassment of having to walk away due to declined financing. And if we're being extra considerate, a pre-approval will save the sellers potential wasted time by ensuring those who are qualified to buy their home are the ones booking the viewing appointments. After all, it's only fair!

If you're pre-approved in 20 seconds and haven't provided any documentation, chances are you simply have a rate hold.

Even the most qualified applicants need a mortgage professional to review their application. Many factors can affect when you're able to buy  house and your purchase price.

Rate holds are more likely to be declined after you have an accepted offer on a house because it's the most basic form of analyzing your application

To be fair, a preapproval can be declined as well, but the chances are much less because a professional has take then time to review your information and make appropriate recommendations.

Take a look at the table below - which option are you most comfortable with? All of my clients receive the full meal-deal, the "thorough pre-approval". Even if you never buy a house and I've wasted my time up-front, it's important to me to give you the most confidence when buying a home. It ensures my clients are qualified and saves time during those precious hours/days when your financing has to be confirmed. (Believe me, the financing window can be fast and furious!)  

A thorough pre-approval provides you with the most confidence you can have when house-hunting and making an offer to purchase a house. This is especially important to military families who travel between provinces and have just a few days to buy a house. 

Heads Up:
When offering, be sure to include the standard "subject to financing approval" clause to ensure that all of your financing bases are covered.

Got questions? I'd love to connect.
Sarah Nixon-Miller, Mortgage Broker
Nixon-Miller Mortgages Inc.
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