The first step in financing is to talk to your bank or have Rob recommend you to a Mortgage Broker, who will then shop around for you to find you the best mortgage possible.
Most people assume that they do not have good credit, or good enough credit to be able to get a loan as big as a mortgage. However, a mortgage broker deals with a variety of lenders including major financial institutions, plus private lenders, all offering a product that could very well suit the needs of the borrower, no matter the situation.
Having a pre-approved mortgage gives you an edge. Before you go house hunting, you will know the size of your mortgage, the interest rate, and the size of your monthly mortgage payments. With your financing already mapped out, you can concentrate on finding the right home in your price range.
A pre-approved mortgage also puts you in a strong bargaining position when you make an Offer to Purchase. If the seller wants to make a quick sale, you may be able to negotiate a price lower than the list price, because the seller knows that you are a serious buyer. On the other hand, if several people are bidding on the home you want, you may decide to offer to purchase at the list price, to beat out earlier offers.
Best of all, this entire service is free and without obligation.
Once you have been pre-approved, you are ready to go shopping for your new home!