The majority of home sellers say that they would only consider offers from buyers who had already been pre-approved for a mortgage. A poll by Scotiabank found that 61 per cent of sellers seek those with approval and that 69 per cent of buyers are likely to have pre-approval before they begin hunting for their new home. Overall 83 per cent of respondents consider mortgage pre-approval to be “more enticing” for sellers and increases buyers’ negotiating power. Other advantages for buyers include knowing their maximum budget (62 per cent) and understanding their downpayment and monthly mortgage repayments (45 per cent).
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