Another good reason to obtain a pre-approved mortgage.

Monday December 11th, 2017

Another good reason to obtain a pre-approved mortgage.

Patrick is walking around in the city and spots a condo for sale that interests him. He immediately calls the real estate agent whose phone number is on the sign to find out the price and to visit the condo.

The real estate agent informs him that he has just received a purchase offer on the condo and there are only a few details left to close the transaction. Then, the agent tells him about another condo in a street close by that might interest him. Patrick accepts right away and makes an appointment with the agent to visit the condo that same evening.

Patrick doesn’t like that condo and asks the agent to show him more modern ones. After three visits, Patrick falls in love with a $250,000 condo and makes a purchase offer. His offer is accepted and he has 10 days to produce an unconditional mortgage approval.

Patrick calls his financial institution to make an appointment for a mortgage loan. Not only does he learn that he doesn’t have the necessary liquidity for the down payment, he also learns that he has a credit card with an outstanding balance of $20,000 that hasn’t been paid for six months – a fraud! His loan is obviously refused.

What a mess! Patrick was convinced that he could make the purchase without a down payment and had no idea that he was the victim of a credit card fraud registered at his credit bureau. Just imagine all the paperwork to fill out and the delays before this situation is corrected!

Obviously, his purchase offer was canceled. He tells his one of his friends about his horror story. His friend finds it hard to believe that Patrick rushed into the purchase without getting a pre-approval beforehand and then tells him about his Multi-Prêts broker (me) and advises him to call me.

After his meeting with us, Patrick found a solution to his down payment problem thanks to some help from his family and the cashback equity/borrowed down payment program. Then he was referred to a correction specialist at his credit bureau who quickly settled his fraud problem.

Now, worry-free, Patrick has started looking for his dream condo once again. Don’t miss any of our blogs… sign up for the « Plani-Info » newsletter today ! Feel free to share this article with family, friends, and co-workers !

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