Pre-Approved for a Mortgage |
most of us considering buying a home, a mortgage will play a large role in the
financing of this purchase. Pre-approval of a mortgage is simply having your lender
review all of your financial information and determining the maximum amount of
money you can borrow.
know exactly how much you can borrow, so you can tailor your home search to properties
you can realistically afford.
Lender will generally guarantee their interest rate to you for a period of 60-90
days - some even up to 120 days. This way, if rates increase, you are able to
take advantage of your pre-approved lower rate.
gives you a competitive advantage when making an offer on a home because the seller
knows that you have qualified for a loan. In a situation where there are multiple
offers this is imperative.
you have made an offer on a property and are ready to apply for your mortgage
loan, you can save time because much of the paperwork has already been completed.
Information Will be Required?
information such as marital status and number of dependents.
details, including T4 assessment and letter from employer verifying your salary.
and banking information (i.e. - RRSP, Mutual Funds, Stocks).
of your assets (i.e.- a car, boat, any other property)
on loans and other liabilities (i.e. lines of credit, car payments, support payments)
to do a Credit Check.
mortgage market is currently very competitive. Many Banks, Credit Unions, and
Mortgage Brokers will reduce their posted interest rates in order to gain your
business. A small discount in your interest rate can make a huge difference in
the long-term interest amount you will be paying, so shop around, and don't be
shy to ask for their best rate. You Realtor can help you in finding the right
are some great Websites offering information about mortgages:
& Tips for Successful Home Buying
Us Help Find the Right House for You...an
easy to fill out form highlighting your "Dream Home".
Steps to Buying Your Home...find
out the most important steps in planning the purchase of your first home.
Your Home with Just 5% Down...see if you qualify.
Money on Your Mortgage...helpful suggestions to reduce the amount of interest
Costs...don't forget about closing costs when you are purchasing your
Transfer Tax Exemption...you might be eligible for an exemption of up