To the best of our knowledge, we estimate the market collapse rate in Lethbridge to be about 15%. Most of those homebuyer dreams are being crushed by you guessed it: the buyer couldn’t get financing. Ugh! This is so painful! And so preventable! All it takes is a willingness to educate folks about … THEIR MONEY.
I know. I know. Never talk money, politics or religion, right? Or something like that. Except when you want to hire a REALTOR® to help you buy a home. And if that REALTOR® is Karri Flatla & Associates, we’re going to ask you to put your head in a vice and listen to our Pre-Qualification Lecture.
Okay, it might not be quite that painful, but we WILL have the money talk. Because it’s our job to make sure to not only find you the perfect home, but that you can actually pay for it. Here’s a little taste of what we will discuss with you when hiring us to help you find a great home for a great price (without having your hopes and dreams crushed into sand…).
Three Mortgage Myths to Toss Right Now:
1) A pre-approval is never a pre-approval. Just because the bank says “you can afford this much house,” it doesn’t mean you’re guaranteed anything. Because if that lender hasn’t asked you all the right questions, it may be discovered in the 11th hour that you in fact cannot get financing. (CMHC or some underwriter in Toronto whose name you’ll never know may uncover something about your finances… and poof. Your deal just collapsed.)
2) There is a HUGE difference between “the bank” and a mortgage broker. “The bank” offers what the “the bank” has to offer. A mortgage broker has access to many, many lending options and mortgage products across the country. The mortgage broker also earns his paycheque on a contingency basis. In other words, he’s motivated to get your financing done and get it done smoothly and on time. If he doesn’t he doesn’t get paid for that deal.
3) REALTORS® live and die by deadlines. If you don’t get your financial house in order well before you make an offer on a home, we will run out of time and you may lose the home. That’s because your financing condition will have a deadline and the seller is not obligated to give you an extension just because your lender couldn’t get the final approvals together in time.
Watch my video below for an in depth discussion about YOUR MONEY! =)