Mortgage Pre Qualify
Before you start the house-hunting process, there’s an important step you can take to save you time and make the process smoother: getting pre-approved for a mortgage. A pre-approval determines the home price you can afford which allows you to budget for your home purchase and focuses your home search. With a pre-approval you’ll also be able to lock in a mortgage rate in case rates increase during your home search.
What is a Mortgage Pre-approval?
A mortgage pre-approval is a process that provides you with important information to help you with your home search. When you get pre-approved for a mortgage, you’ll find out:
The maximum amount you can afford to spend o a home
The monthly mortgage payment associated with your maximum purchase price
What your mortgage rate will be for your first mortgage term
Applying for a mortgage pre-approval is free and it doesn’t commit you to one single lender. However, getting pre-approved does guarantee that the mortgage rate you are offered by a lender will not change for 120 to 160 days. By “locking in” your rate, you’re protected if interest rates rise while you’re shopping for a home. If interested rates go down during this time, your lender will honour the lower rate.
*Email completed form for quick approval to email@example.com