Why Get Pre-Approved Before You Buy A Condo?
It’s critical to apply for a loan before shopping for a home, and it’s true; this is an essential first step for both first-time home buyers or seasoned investors. With buying pre-construction properties, many builders now require this document to fulfill construction loan conditions as set out by banking institutions that finance the project. The mortgage pre-approval is typically requested by the builder or their affiliates after the purchase becomes a legally binding contract or sale (aka a “firm deal”). Instead of being reactive, many savvy buyers and investors prepare their mortgage pre-approvals prior to purchasing, saving time, gaining confidence and avoiding disillusionment; you can minimize anxiety and remove last-minute loan surprises that could disqualify you, also sleep better at night knowing that the home you selected is yours.