Nina Asusa, Broker

Nina's journey in real estate began in the early 1990's where her passion for real-estate quickly grew from an investor and home renovator, to where she is today. In 2006*, Nina launched her full-time real estate career and quickly found herself helping her clients, who many became friends, achieve not just any lifestyle, but the lifestyle they wanted for themselves. Her model was and always will be ''Don't follow someone else's story; create your own story, create your own lifestyle, because 'home is where your story begins.'''  From a single realtor, to developing a strong team of realtors she personally mentored and later owning a real estate brokerage firm, Nina's focus remained the same. She continues to channel her high energy and extensive experience into understanding her client's needs and wants, and in helping them in their real estate journey. Nina's greatest honour is the trust others grant her when welcoming her in their life's journey.

Mortgage Pre Approval and Why You Should Work with a Professional

By: Nina Asusa

Mortgage Pre Approval and Why You Should Work with a Professional

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Buying a home is an exciting endeavour, but it also comes with stress and overwhelm. Will you find a home in your ideal neighbourhood? Will the house need upgrades? And how much house can you afford? Getting pre-approved for a mortgage is one of the smartest things you can do, and it’s often overlooked, especially by first time buyers. According to the Government of Canada, a mortgage pre-approval is when a potential mortgage lender looks at your finances to figure out the maximum amount they will lend you and what interest rate they will charge you. A mortgage professional can work with you to obtain a mortgage preapproval before you start your home search. Take a look at the benefits of a mortgage pre-approval below. 
 
4 Reasons to Get Pre-Approved for a Mortgage 
 
1. You’ll Be Taken More Seriously
A buyer who has successfully gone through the pre-approval process will be more appealing to a seller than one who hasn’t. Sellers want to know you actually intend to buy a home and won’t back out of the deal last minute or that your financing won’t fall through- they want to know you’re a safe bet. Since preapproval means a qualified professional has deemed you a good candidate for a mortgage, sellers are more likely to take you seriously. 
 
2. It Helps with Budgeting
A pre-approval provides you with an evaluation of the amount of money you have at your disposal for your home purchase. You’ll know what your borrowing capacity is and can plan ahead for your monthly mortgage payments. Your downpayment makes a difference. The more you put down as a downpayment the better the rate and affordability. Once you have a preapproval, you will know what your buying power is, therefore helping you source out the right home within your means.  You can determine or decide to use more or less of your down payment to build equity into the home or to keep funds available to pay off renovations, for example.
 
3. It Gives You a Leg Up in Negotiation
In today’s market, homes are flying off the table fast. Financing has to be secured before going in with an offer, or else the seller may not even consider you. Pre-approval increases your chance of an accepted offer on a property with lots of interest. When a seller decides who to sell to, they look at the whole package, including which compromises they’ll make during negotiations. A pre-approval letter will undoubtedly make your offer more appealing. 
 
4.  Time to Work OutThe Mortgage Details
The type of mortgage is also an important part of the equation.  Often buyers focus only on the mortgage interest rate and are influenced by the commercials they hear on the daily.  Work with your professional mortgage broker to discuss the options and pros and cons of closed or open mortgages; a fixed or variable rate; prepayment and portability.  It may not be the fun part of home buying, but it’s best to have all these decisions made so you can enjoy the looking and get excited making an offer knowing all the t’s are crossed and i’s dotted.
 
TIP:  Do not overlook the deposit.  When you're actively in the market, having the funds ready to go at any given moment (not tied up in investments that might take several days to free up) will definitely come in to play.  If you're in competition, you should be showing up with a deposit cheque in hand and it should be sizable - many times we see 5%, but sometimes up to 10-15% depending on the price of the home.  The deposit is not your down payment, but rather a show of good faith and shows that you’re a financially viable buyer. For a better outcome, the deposit can be presented with the offer.
 
If you’re looking to buy a home, getting a mortgage pre-approval will help the process go as smoothly as possible. Once you get pre-approved, find the right realtor to make your home dreams come true!
 
 
Some Feedback from Professionals in the Mortgage Industry:
 
“Remember when you are purchasing a home, over and above your down payment, you will need to have extra money saved for closing costs.  You can estimate that your closing costs will be an additional 1.5 – 2% of the purchase price of your new home.  Closing costs cover expenses such as Land Transfer Taxes, Lawyer Fees, Title Insurance, etc.  Even a First Time Home Buyer who is entitled to the Land Transfer Tax Rebate, will still need to demonstrate to the lender that they have the 1.5% of the purchase price available in reserve funds.”
 
Tracey Brock,
Mortgage Broker
Dominion Lending Centres Mortgage Plus
10304 Independently owned and operated.
 
Cell 416-788-6207
www.traceybrock.ca
 
 
“Your new home doesn't come with mortgage advice. I do.
 
When it comes to your mortgage, it is important to make sure you get the home you really want, with flexible financing solutions that are right for you.  This is where I come in. I’m here to help you get the mortgage you need to suit your lifestyle and to make your home ownership goals happen.
 
Supported by the considerable resources and expertise of RBC Royal Bank®, I will provide you expert advice and service for your home financing needs. I can help you understand the economic environment and ensure your financing suits your current situation and your future plans. You’ll enjoy the confidence of knowing you are working with a professional who has only your best interests in mind.
 
If you are looking to make informed mortgage decisions, contact me today and I will be in touch with you within 24 hours.”
 
Henry Vincent, Mobile Mortgage Specialist
RBC Royal Bank
Location(s) Served: GTA
Languages Spoken: English, Hindi, Malay
Phone: 416-371-8650
https://mortgage.rbc.com/henry.vincent
 
 
“A mortgage pre-approval is for when you start shopping for a home. Although it's not a required step, it's highly recommended and very helpful before you start searching, because it provides a clearer picture of how much you may be able to afford.”
 
Carolina Rojas-Laccona
Manager, Mobile Mortgage Specialist
TD Canada Trust
T: 416 712-9091
F: 1-844-734-4349
Pager: 1-866-767-5446