When it comes time to start looking at houses in the Red Deer area, as part of the journey of
buying a home, you will already know what homes you can afford to buy, saving you and your realtor valuable time visiting homes beyond your price limit.
After getting pre-approved and securing your
mortgage down payment, the mortgage rate offered by the lender is secured, generally for a period of 60-120 days. Therefore, if the interest rates increase while you are still looking for a home, your lender will still honour the rate they approved you for, ensuring your
mortgage
down payment goes as far as possible. If their
interest rate decreases while searching, the lender will honour the lower rate mortgage.
In the event you make an offer on a home, having been pre-approved, the seller will see that you are able to
finance the home with no issues thus favouring you over other interested buyers.
Your realtor, seeing that you have been pre-approved for a mortgage, will know that you are a serious Red Deer homebuyer, actively
buying a home, and will
focus their efforts on you over other clients.
