Getting a pre-approval for mortgage financing before you start to look for a home is a smart move.
A pre-approval assures you of a locked-in mortgage rate for a set period – so there is no risk of any interest rate increases while you are house hunting. The great news for those who turn to a mortgage broker is that a broker may be able to obtain a longer pre-approval rate hold. Also, with a pre-approval, you’ll get a clear-cut sense of how much you are eligible to borrow.
Keep in mind that the property you intend to purchase – along with your supporting information (such as income, down payment and employment history) – has to meet the financial institution's criteria to be approved for lending. Also, a pre-approval is not a guarantee of financing, and does not eliminate the need to make a conditional offer.
If you are planning on looking for a home this spring, call a MortgageDirect2u mortgage professional today to get pre-approved. He or she can get you an extremely competitive interest rate and length of rate hold – you’ll soon be on track to finding the home that’s ideal for you and your family.
Robert Lumb
MortgageDirect2u
(905) 270-6757
rlumb@MortgageDirect2u.ca
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