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Why Getting Mortgage Pre-Approval is so Important

Capital Mortgages Inc is an independent brokerage in the Mortgage Centre Canada Network and one of Ontario’s leading real estate mortgage brokerages with offices in Ottawa and the valley.

Why Getting Mortgage Pre-Approval is so Important

Searching for a home can be an exciting but overwhelming task. To make things go as smoothly as possible when hunting for your dream home, consider getting pre-approved for a mortgage first. Mortgage pre-approval can save you time and hassle when you finally find the perfect home! Here are a few things you should know about obtaining a pre-approved mortgage:

 

What is mortgage pre-approval?

A mortgage pre-approval will help you to determine certain financial factors before you start looking for a home, such as the maximum amount you can afford to spend on a home and the expected monthly mortgage payments associated with that price. Applying for mortgage pre-approval is free of charge and doesn’t commit you to one specific lender.

 

Why should I get mortgage pre-approval?

  • The information you receive in obtaining a pre-approved mortgage will aid you in your home search. You will be able to budget accordingly and only look at homes within your financial range of affordability.

 

  • Mortgage pre-approval also allows you to ‘lock in’ a mortgage rate for a 120 day period. This means that even if interest rates go up while you are searching for a home, you are protected and guaranteed a mortgage at the agreed upon rate provided you purchase and close on a home within the 120 day period. If your mortgage lender’s rate falls during this time, the lender will honour the lower rate.

 

  • Being approved for a mortgage also signals to real estate agents that you are a serious buyer. When it comes to placing an offer on a home, your mortgage pre-approval shows the seller that you are stable in regards to financing. It could also help bolster your chances in a multiple offer scenario.

 

How can I get pre-approved for a mortgage?

The first step in getting mortgage pre-approval is to meet with an experienced mortgage agent who will be able to help you determine the best mortgage for your individual needs. They will ask you a series of questions and request specific documentation to get a thorough overview of your financial situation.

 

Capital Mortgages offers step-by-step personal assistance from knowledgeable mortgage brokers and an easy online application process. We’ll be by your side each step of the way, from mortgage pre-approval to finalizing your mortgage and the purchase of your home. Don’t hesitate — contact us today!

 

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