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or getting a pre-approval
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3 Benefits of getting Pre-Approved
Determine your exact buying capacity
There’s no worst feeling than finding your dream home, setting your heart on it, and then realizing you can’t afford it. Finding out exactly how much a bank would be willing to lend you prevents you from wasting your time looking at properties above your budget, and will steer you away from potential heart-ache down the line.
Locks you in at the lowest interest rate
As interest rates go up and down, you want to be sure that you’re happy with the rate at the time of your pre-approval. Having a pre-approval protects you from spikes in interest rates while you’re still shopping for a property. At the same time this also helps protect against mortgage regulation changes which might reduce or prevent you from being pre-approved.
Strengthen your offer
In a bidding war, sellers will always favor a pre-approved candidate, even if their bid is slightly lower. By having a pre-approval on hand when you put in an offer, you reassure the seller of your commitment by having already taken the first step.
Pre-approval is the first step when you start looking for a property
Know your buying power and get a free pre-approval, or find out how refinancing could help lower your monthly repayments
Already pre-approved? Start your property search
Latest Mortgage & Finance News
- Mortgage Interest Rate Update: Montreal, August 2018
Posted fixed and variable rates, updated on August 1, 2018. The post Mortgage Interest Rate Update: Montreal, August 2018 appeared first on Shupilov Real Estate News. […]
- Self Employed? It Will Soon Be Easier To Obtain a Mortgage in Montreal
The CMHC is making plans to provide more guidance to self employed mortgage borrowers. The post Self Employed? It Will Soon Be Easier To Obtain a Mortgage in Montreal appeared first on Shupilov Real Estate News. […]
- RBC: How Have Higher Interest Rates Affected Housing Affordability in 2018?
According to RBC's latest Housing Trends and Affordability Report, rising interest rates at the end of 2017 have taken a bite out of affordability in the first quarter of 2018. The post RBC: How Have Higher Interest Rates Affected Housing Affordability in 2018? appeared first on Shupilov Real Estate News. […]
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