The Importance Of Getting PreApproved

What are the advantages of a pre-approved mortgage?

• It will give you the confidence of knowing exactly what you can spend on a home before you begin looking.

• You will also be protected against interest rate increases for a specific time period.

• Vendors will take your offer more seriously if you’re pre-approved. What do you need to be pre-approved for a mortgage?

• Documents to confirm employment, savings, income and source of down payment.

• Call your bank or lending institution for a specific list of the documents you’ll need. What will most banks or lending institutions offer me?

• Competitive interest rate, with a 60 to 90 day guarantee

• Flexible pre-payment privileges

• Other incentives like cash back programs What does the bank require when I have an accepted offer?

• Any other documents pertaining to your financial situation not provided before.

• A copy of the agreement of purchase and sale / offer

• A copy of the real estate listing

• A copy of the survey

Here are some links to popular mortgage services:

• Royal Bank

• Bank Of Montreal

• CIBC

• Canada Trust

• Bank of Nova Scotia

• TD Bank

• Canadian Western Bank

• President's Choice Financial