David Deleeuw

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R. The first step you should be taking, before even looking at any homes, is to talk to your mortgage lender. We always recommend dealing with a mortgage broker or bank representative who deals ONLY with mortgages. They do more deals per year, and are better equipped to handle difficult financing issues than a branch representative who only does a handful of transactions each year. In addition, they are available around the clock in case we need to reach them while dealing with an offer, as opposed to branch representatives, who only work during branch hours. Imagine losing an offer on a house on a Sunday evening because you couldn't get hold of your mortgage representative! It is important that once you've met with your lender that you get a letter of mortgage pre-approval. It is usually prepared by the lender after they have performed a credit check, and outlines the amount of mortgage that the lender is prepared to lend you for the purchase of your new home! Q. What is the difference between being pre-qualified and pre-approved for the purchase of a home? A. If you're prequalified it means that you POTENTIALLY could get a loan for the amount stated to you, assuming that all of the information given was accurate and true. If you're preapproved, it means that you have undergone the extensive financial background check - which includes looking at your credit history, previous tax returns and verifying your employment - and the lender is willing to give you a loan...

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