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Showing posts with the label pre-purchase bank financing

Pre-approved financing - avoid losing it with a pre-purchase building inspection

Buying a home can be stressful at best. It often feels like a lot of things happen at once, it's hard to have all the ducks lined up and buy the home you really want. Therefore, thinking about a building inspection before purchase may not be the first thing on your mind. However, my advice to both new home buyers and seasoned investors is to get pre-approved financing as early as possible in the buying process and to make sure that any home you want to buy is covered by that financing. with a building inspection prior to purchase. The last thing you want is to fall in love with a house, put the time and energy into making an offer, and then lose it because you can't get the proper financing on time or because the house is not covered by your pre-approval. What is pre-approval? When we talk about "getting pre-approved", it is basically a guarantee from your bank that they will loan you money. There are two ways: initial pre-approval and specific pre-approval.