Groen Team
First-time home buyers with job security should get preapproved for a mortgage
First-time home buyers with job security should get preapproved for a mortgage
Date Posted: May 11, 2020
Many Canadians are now entering their second month of living with the impact of Covid-19 on their day-to-day life. For many Canadians that impact includes how they currently work, how their income has been impacted, and what has happened to their daily routines.
There are many Canadians who are still in the housing market; buying or selling, as they need to do so. No more group seems to have more flexibility that first-time home buyers with job security.
First-time home buyers with job security, this is your time. Taking the time to get a preapproval for a mortgage, while we wait for our communities to ease restrictions, affords you opportunities as real estate market conditions improve, which they are doing daily.
Preapprovals let you lock in an interest rate for up to 120 days​, which means buyers can take their time to see where home prices land as the real estate market continues to improve. Knowing that you have already met with a trusted mortgage broker to secure a preapproval can well prepare you for when the ideal time comes to put an offer on a home.