Buyers Guide » Mortgages & the Pre-approval Process
lenders you should familiarize yourself with some basic mortgage
concepts. You can start by reading the RealtyLink In Print
Pre-approval of a mortgage is when your lender has reviewed all your financial information and has determined the maximum amount of money you can borrow. The advantages to pre-approval include:
Many banks and financial institutions are competing for your business so it makes sense to shop around for a mortgage. Most lenders will reduce their posted interest rate so don't be shy about bargaining. Your ability to bargain for a low rate and a flexible mortgage will often depend on how much business you have with the institution. You can contact banks and credit unions directly, or work with a mortgage broker. A broker will help you find a lender and the best mortgage package.
Once you have selected your lender, you will need to provide your financial information. Your lender will want the following:
Once your application is complete, you will know how much you can borrow and you will be ready to start searching for a home. For more information, contact Greg Viger of Dominion Lending Centres.. Greg will walk you through all your options and assist you in arranging the right mortgage at the best rate usually at no cost to you.