9 May

Going Firm


Posted by: Amie Shackleton

It’s a hot market out there, making it a great time to sell….but then wait, you now are a buyer that may feel like you are being forced to go in “firm” with your offer.

You have been to your bank and you, your realtor and the seller all think that you have been pre-approved to buy your dream home.

The offer goes in, and you, your realtor are thrilled, you won, your dream house is all yours.  You go into your bank to find out that there a few obstacles that were not discussed in your original pre-approval meeting. Suddenly there are issues, that were never brought to your attention and now you are scrambling to secure financing. 

Thorough Review is Needed Prior to Going ‘Firm’

Recently I met with a young couple that thought they were “pre-approved” by their bank.  Their bank never pulled a credit bureau and didn’t verify the client’s income prior to giving the clients the go ahead to purchase their new home.  To top it off the clients were not given all the information about the actual cost involved in the purchase of this home.

Fortunately, we were able pull this together for the clients after a few days of high stress for the client.  All of this could have been avoided for the client’s had their bank just taken a closer look at all the client’s details.

One of the many benefits of dealing with a mortgage broker with a great reputation.

The Banks Pre-Qualification is NOT a Pre-Approval

First, understand that if you are pre-approved by the bank you actually are not. You go out and buy thinking you are solid when it couldn’t be further from the truth.

You see, the banks do not pre-approve you like we doThe banks only pre-qualify you, meaning that they ask you for your income, crunch a few numbers and tell you verbally only what you can afford. That’s all. And that is not enough.

Get Your Pre-Approval from a trusted mortgage Professional

All this can be avoided if you get pre-approved by us at the lowest rate in Canada, in the first place. We verify your income, employment, credit and down payment in writing to ensure there will not be any surprises prior to you shopping for a house. We do a thorough analysis, you can count on, especially if you need to go firm on financing.  

When we pre-approve you, the only thing still outstanding is the property you buy, which must be marketable and in good condition. When these conditions are met, a smooth buying experience ensues.

With our pre-approval you can go out and buy with complete confidence.  You can bank on that!

Amie Shackleton