The days are getting longer and mortgage rates are wonderfully low as the spring housing market approaches. In fact, homeowners are locking in some of the lowest rates in history, although those low rates could reverse at any time so make sure you are pre-approved.
With a pre-approval, you'll know the amount you qualify for and how much it will cost you to carry the mortgage, and your interest rate will be held for a specified period of time, typically 120 days. This way you don't have to worry about rates rising while you are house hunting, and both realtors and sellers will know you're serious, which means you'll be in a good position to get the home you want. You also won't waste any of your valuable time looking at houses that are out of your price range. And by not underestimating what you can afford now, you can save over the long term if you don't need to purchase a trade-up home later.
Your pre-approval is a conditional mortgage approval that gives you mortgage amount, term, interest rate, and expiry date. Keep in mind that you'll need to substantiate the information you provided for the pre-approval when you go back to the lender for the actual mortgage.
Contact us to get pre-approved today. You don't want to miss out on the Great Canadian Mortgage Sale!Kevin & Faye Kitzman
Remax Real Estate Centre
Direct : 519-577-0603