F.A.Q | Saint John Real Estate F.A.Q

F.A.Q


We have compiled some frequently asked questions. To view the answer to a particular question, just click on it. To submit a question, just leave a comment.

What is pre-approval and do I need it?
Pre-approval is the process where a financial institution looks at your income and your debts to pre-approve you for a mortgage amount. This process is based on the information you provide to the bank and does not require a credit check.

The fact that it doesn't take into consideration your credit score, you may not actually be approved for a mortgage at the pre-approved amount.

Some institutions will pre-qualify you. During this process they usually verify your documents (pay stubs etc) and check your credit. Pre-qualification can be a big help when hunting for your home.

Having a pre-approval letter or pre-qualification letter can make your offer stronger and may help you negotiate a better price or terms and conditions. If you're in an multiple offer's situation it can help you out if you've got one, and the others don't.
When should I buy my first home?
Buying your first home is a big step, but one you should take as early as you can. That said, you need to make sure you're ready to buy a home. The main thing here is your financial situation. You don't want to buy a house if it's going to make you house poor, but it's better to rent than own. When you pay money onto your mortgage, you build up equity in your home.

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One Response to “F.A.Q”

  1. Luther Harrity Luther says:
    October 6, 2009 at 1:08 am

    Have a question? Just post a comment in the comment box!

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