GETTING PRE-APPROVED FOR A CONDO MORTGAGE WHY IT HELPS.

1
Getting pre-approved for a condo mortgage why it
helps

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2
The condo minimum housing market continues to
increase and grow in popularity in the GTA, with
Square One, Mississauga being a trending and
upcoming area

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3
where everyone is wanting to secure a condo!
Aside from Mississauga, other areas that are
currently hot with both traditional home and
condo buyers are Brampton, Oakville, and Durham.

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4
With such high demand, and often a limited number
of properties for sale at any given time
throughout the year, taking the time to go
through the pre-approval process for your
mortgage will save time later,

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5
once you find the perfect new home you want to
buy as it lets the seller know upfront you have
already taken care of the steps to secure
financing, and essentially are ready to complete
the sales process now.

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6
Rather than the seller having to wait several
weeks or longer for you to obtain financing, the
seller knows with confidence, you have the means
the buy their home.

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7
This alone, can help you secure your dream condo
and edge out any competitive offers the seller
might have received, especially if they want to
sell the home quickly.

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8
Another benefit of being pre-approved is it lets
you know how much home you can afford and how
much money your lender is willing to finance
towards the purchase price

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9
Furthermore, you will have an idea of the
interest rate, and in some cases, are able to
lock in this rate at the same time.

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10
However, it is worth stressing getting
pre-approved is not the same thing as
pre-qualifying for a mortgage. Pre-approval
processes will require you to provide the
necessary documentation,

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11
such as proof of income, debts, and so on.
Whereas with pre-qualification processes, you
start the mortgage process, but delay the actual
approval processes until later.

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12
The drawbacks to pre-qualification are the lender
only provides you with an estimated amount you
could be approved for

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13
which is not guaranteed, and cannot lock in the
interest rate, if this is available as an option
through pre-approval processes.

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14
In recent years, first time buyers are
discovering it can be easier to obtain
pre-approval for a condo mortgage compared to a
traditional home mortgage.

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15
The reason for this shift, largely has to do with
the increased demand in condos, as well as the
liquidity of condo associations

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16
As demand for condos has increased, condo
projects have also become more financially stable.

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17
Liquidity refers to the ability of the condo
association being able to pay shared bills and
have money to upkeep the property, which is paid
for through monthly condo association fees be all
owners.

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18
With more people buying condos, this translates
to the association having more money available to
ensure proper building maintenance and ensure all
shared bills are paid. Not to mention being able
to offer residents a wider range of amenities and
perks!

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19
For more information about current condos for
sale, pre-construction sales, and help finding
your dream home, contact Square One Mississauga
realtor, Shawn Gandhi now by calling
905.795.1900. Source- http//shawngandhi.com/ge
tting-pre-approved-condo-mortgage-helps-shawn-gand
hi/

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