Why get a pre-approval?

For most Canadians, mortgages are a fact of everyday life – if you are in the home buying stage you’ll most likely require a mortgage.

Making the decision to buy a home is a big life event, probably the most significant in your life. Buying a home is as much an emotional investment as a financial one – having a place of your own may evoke feelings of self-esteem, security, and excitement, also bringing new responsibilities.

I understand that, as exciting as this journey may be, it can also be a little frustrating and intimidating for you.

A big part of buying a home is finding the right mortgage product that you can truly live with. This is why it pays to talk to a mortgage professional: they can provide innovative mortgage products that can be tailored to your own financial situation, giving you the flexibility to enjoy your new life and your new home.

Pre-qualifying

Before you begin your search for that dream home, GET PRE-QUALIFIED for a mortgage.

Supported by your current financial situation and a satisfactory credit review, a pre-qualified mortgage will tell you the amount you can borrow, the interest rate and how much your monthly payments will be.

Having this information available to you along with your down payment enables you to shop more effectively within your comfort zone and knowing that financing may be available (usually subject to a property appraisal).

Knowing your financial limits, you are ready to purchase your home right now and it can also assist you in negotiating a better price for your home.

When you have been pre-qualified for your mortgage, the interest rate and payments are guaranteed for up to 120 days from the date you receive the pre-qualification.

Should mortgage rates go up during that time, the lower guaranteed rate will apply and if rates go down during that time, than the lowest rate up to the date of funds are received apply. This feature of pre-qualifying you gives the protection from interest rate fluctuations. 

For more information contact your Toronto Mortgage Broker at 416-920-9931

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