Mortgage Pre-Approval

Get a Mortgage Pre-Approval FIRST!

A KEY ingredient in submitting offers is being pre-approved for a mortgage. You don’t want to fall in love with a property only to waste time talking to the bank and waiting for an answer on the mortgage approval.  In the meantime, someone else buys the property and you’ve missed out.

That’s why you must get a Mortgage Pre-Approval before finding a home. This is a document from your bank or other lender stating how much of a mortgage they are willing to give you. There are Advantages to getting this pre-approval:

  • You know how much you can afford and what the payments are
  • It’s a sign to sellers that you are a serious buyer – prepared to make an offer
  • You can avoid putting a ‘condition on financing’ in your offer which many sellers won’t accept
  • Your RATE will be GUARANTEED for up to 6 MONTHS

You can arrange for a Mortgage Pre-Approval with your bank or other lender, or by working with a good mortgage broker. We’re well-connected with the local mortgage brokers, so we can recommend one.  Remember, when you work with banks, each will want a credit score which can destroy your credit rating.  Work with a mortgage broker and they will pull your credit score ONCE, and submit your application to 25 or 30 lenders so that they can compete for business. You can always go back to your bank and tell them to match the deal.  In the end, you save money! Lots of money!

As of January 1st, 2018, The government has introduced a ‘stress test’ for ALL home buyers.  Basically, regardless of the rate the bank gives you, the bank will test whether you can afford payments that are 2% above prime (currently 5.45%) or the 5 year posted fix rate.  Protect yourself from rising interest rates!

We would be happy to walk you through the home buying process over a cup of coffee.  We look forward to meeting you!

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