When searching for a home, it makes sense to get a mortgage pre-approval and line up the necessary documents prior to house hunting.
What is a pre-approval? It’s the process of determining how much money a prospective homebuyer will be eligible to borrow prior to a formal application for a mortgage loan, based on information they have provided.
With a pre-approval, you’ll get a good sense of how much you can afford, and you’ll be assured of a particular mortgage rate for a set period of time. With a locked-in rate, there is no risk of interest rate increases while you are house hunting. A mortgage broker, like those at Mortgage Direct2u / Invis, may be able to obtain a longer pre-approval rate hold. Another benefit of a pre-approval is that you'll be in a much better position to negotiate with sellers.
On the other hand, a pre-approval is not a rock-solid guarantee of financing, does not eliminate the need to make a conditional offer, and you still must consider all closing costs.
More and more home buyers in Canada are turning to mortgage brokers for pre-approvals and expert mortgage advice. Contact an Mortgage Direct2u /Invis Mortgage Consultant to get a pre-approval for mortgage financing before you start to look for a home – with a little preparation, you’ll be in a much stronger position to get the home that’s for you.
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