Canada’s mortgage industry is very competitive and it’s important to understand that interest rates can change at any time.
Getting in touch with a mortgage broker or with a bank to help you find the right mortgage product is important to your home buying process.
Thankfully, it’s very easy to get pre-approved for a mortgage. Start by talking with a mortgage specialist. There are a lot of options to choose from when it comes to lenders. Independent mortgage brokers tend to offer the most options because they do not just work with one bank.
If you have a good relationship with your bank, contact them as they may find the right mortgage for you. Be sure to compare rates! Do some shopping around, or work with your broker to get you the best deal. They often have relationships that you couldn’t hope to cultivate quickly. Rely on them.
Once you find the right mortgage provider, complete and submit your application with them. They will collect your financial and personal information to find out how much mortgage you can carry. Your mortgage broker will give you a list of documents that the banks/lenders need to finalize the mortgage.
Once you have provided all the documents then bank/lenders need, they will verify all the details and you will obtain a copy of your pre-approval, which details how much you can afford to buy.
This is a powerful negotiating tool. The seller of your home will feel more confident that you are the right person.
Pre-approvals also have a couple of extra benefits. They save you time by only looking at properties that fit within your budget. Pre-approvals can also save you money.
Rate guarantees and mortgage terms can save you money for years to come. Finally, they lower the stress of the entire buying process. You will know that you are ready and capable of buying a home.
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