Courtesy of Deanna Bailey

(403) 805-4359 deanna.bailey@exprealty.com deannabailey.exprealty.com

PRE-APPROVED VS. PRE-QUALIFIED

The majority of Canadians looking to purchase a home know they need to check in with a mortgage professional to determine what price range of home they should be looking at. Typically, a buyer gets pre-qualified first. It’s a brief process where the mortgage professional (or lender of choice) looks at their overall financial situation and helps the buyer get a feel for the price range of home they should be looking for. A pre-qualification doesn’t affect the buyer’s credit score and isn’t a guarantee they will be approved for a mortgage in the future. However, it does give a buyer an idea of where to start if they’re just beginning the home purchase process. Pre-approval is for those more serious in their home buying journey and requires a detailed review of income, assets and debts. It also can impact the buyer’s credit score as a “hard credit inquiry” is done to give the lender more information. Getting pre-approved can help buyers in a competitive housing market as it shows sellers there is a proper financial backing behind an offer. Confirm with your mortgage professional or lender to see which option is best for you in your current home purchasing journey.

HOMEOWNER’S GUIDE TO A STARTER TOOLKIT

Owning a home means every now and again you’re going to have to tackle some basic home repair tasks. Leaky faucets, burnt out lightbulbs, squeaky hinges, etc. Having the tools you need on hand can help you get what needs to be done quickly and efficiently. Some basic tools to have in your toolbox include: • Screwdriver set and Allen keys • Hammer (maybe a rubber mallet) • Pliers (combination and needle-nose at least) • Tape measure • Level • Adjustable wrench (or a wrench set) • Drill and drill bits • Utility knife Some other tools that may come in handy include: ladder, flashlight, stud finder, extension cords, plumber’s tape, caulk and caulking gun, lubricant (like WD-40), voltage tester, assortment of nails, screws and hooks, clamps and a wrecking bar. Having these essentials easily available can help you tackle the small home repair tasks as they come up.

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