{"id":4385,"date":"2018-10-09T13:24:04","date_gmt":"2018-10-09T17:24:04","guid":{"rendered":"https:\/\/www.bardagi.com\/?p=4385"},"modified":"2021-06-01T13:25:40","modified_gmt":"2021-06-01T17:25:40","slug":"mortgage-pre-approval","status":"publish","type":"post","link":"https:\/\/www.bardagi.com\/en\/mortgage-pre-approval\/","title":{"rendered":"Mortgage pre-approval"},"content":{"rendered":"

Before you start your search for a new home, it\u2019s a good idea to get pre-approved for a mortgage. It will show real estate brokers and sellers that you are a credible buyer.<\/p>\n

St\u00e9phane Angers, a mortgage advisor at RBC Royal Bank, walks us through some of the main points to consider as part of this key step in the mortgage qualification process.<\/p>\n

Ability to pay<\/strong><\/h4>\n

To begin, the best financial strategy is to discuss your needs with an advisor. They will determine the ideal loan amount based on your down payment, your (ideally steady) income, and your debt level.<\/p>\n

Car loans, student loans, and credit card balances all factor into the calculation. Obviously, the lender will want to check your ability to repay the loan. \u201cIf you\u2019re carrying too much debt, you\u2019ll need to build a savings plan,\u201d said Mr. Angers.<\/p>\n

That\u2019s why it\u2019s so important to have a good credit rating. In many ways, your credit rating is like a barometer of your financial health. If you\u2019ve had some bumps along the road, you can improve your rating by paying your bills in full and on time and paying off your debts as quickly as possible. A mortgage advisor can also guide you on steps to take to improve your rating.<\/p>\n

Down payment<\/strong><\/h4>\n

A bigger down payment can have a positive impact on pre-approval, but doesn\u2019t automatically guarantee that you\u2019ll qualify right off the bat. Mr. Angers strongly recommends his clients put down 20% of the property value. \u201cAny lower and its\u2019s the mortgage insurer\u2019s rules that dictate the terms. Ideally, you shouldn\u2019t need mortgage insurance,\u201d said Mr. Angers. The government requires financial institutions to insure all mortgages with down payments of less than 20%.<\/p>\n

Bargaining power<\/strong><\/h4>\n

\u201cTelling your broker and the future seller that you\u2019re pre-approved ensures you\u2019ll be taken seriously during the buying process,\u201d said the advisor. Sellers may also be inclined to sell more quickly if the buyer is pre-approved. Ultimately, mortgage pre-approval can give you more leverage to negotiate the price of your future property.<\/p>\n

Interview with St\u00e9phane Angers, mortgage advisor at RBC Royal Bank, by Josianne Desjardins.<\/p>\n","protected":false},"excerpt":{"rendered":"

Before you start your search for a new home, it\u2019s a good idea to get pre-approved for a mortgage. It will show real estate brokers and sellers that you are a credible buyer. St\u00e9phane Angers, a mortgage advisor at RBC Royal Bank, walks us through some of the main points …<\/p>\n","protected":false},"author":4,"featured_media":4383,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-4385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tips-and-tricks"],"acf":[],"yoast_head":"\nMortgage pre-approval | Bardagi \u2013 RE\/MAX du Cartier GB<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bardagi.com\/en\/mortgage-pre-approval\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage pre-approval | Bardagi \u2013 RE\/MAX du Cartier GB\" \/>\n<meta property=\"og:description\" content=\"Before you start your search for a new home, it\u2019s a good idea to get pre-approved for a mortgage. 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