Posted on: 22-04-11 16:59:53
I need suggestions from fellow CDS. I am planning to buy house/Condo.
1. Is it necessary to preapprove the mortgage from the Bank?
2. How long preapproval of mortgage will be valid?
3. If I do not buy the property after preapproval of mortgage will affect my credit histroy and can I apply for second time for preapproval or not?
4. How to find good real estate agent? On what basis?
5. How to decide which area is good for raising family and also future appreciation of the property?
6. Which is better option house or condo?
Thanks a lot everbody for your time and valuable suggestions in advance.
Real Estate Agent is as good as you want him to be.
Do your research. At any time there are many options available.
Dont make a decision based on emotions.
Avoid fly by night agents. Guys who do it part time / on the side.
Plenty around. They just want to make money and run away.
Do an independent inspection. Very important.
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I once made a mistake, but I was wrong about it.
Answers to your first 3 questions are as under:
Quote:
Originally posted by metallurgy
I need suggestions from fellow CDS. I am planning to buy house/Condo.
1. Is it necessary to preapprove the mortgage from the Bank?
It is good to have a pre approval, either from your Bank or through a Mortgage Broker so that you know how much you would be able to afford and the cost of the house you can buy. The benefits of going through a Mortgage Broker would be that you would have more options as through a broker you would have access to way more products from various lenders and you may even qualify for higher amount as different lenders chose different qualifying rate for conventional mortgages. Through your bank you only get what the bank has to offer.
Quote:
2. How long preapproval of mortgage will be valid?
Generally it would be valid up 120 days and in some cases up to 180 days. For a new construction, your bank (or the bank mortgage specialist at the builders office) may offer you a longer time frame such as 18 months or more.
Quote:
3. If I do not buy the property after preapproval of mortgage will affect my credit histroy and can I apply for second time for preapproval or not?
If there is no credit check till the pre approval expires, it would not have any adverse impact on your credit score. Only a number of entries (credit inquiries) in a short time frame would affect your scor
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
I can discuss with you in detail and explain you which way to go. Please PM me.
Please follow some more tips for first time buyer:
• Know your budget and pre-qualify with a lender.
• Consider what is most important to you and your family.
• Do your homework. Surf the web and come in educated.
• Consider quick-delivery homes and ask about incentives.
• Schedule appointments with your sales representative.
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I'm a lefty and after letting a left handed Ruger slip through my hands bought a Howa. Although it is a right handed rifle it has a semetric stock.
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Quote:
Originally posted by EmeraldTaylor
I'm a lefty and after letting a left handed Ruger slip through my hands bought a Howa. Although it is a right handed rifle it has a semetric stock.
You seems to be having some real attration towards Felix07Richerd. Every single post by Felix07Richerd is followed by your post... or are you and Felix07Richerd the same user.
BTW, some of your other post don't even make sense. You seem to be just spamming this site.
You just joined today and already have 10 post in a few hours
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