John Antle | Mortgages Beyond The Bank

Your Kelowna Mortgage Broker

If you are planning to purchase a home, it is important that you contact your Kelowna Mortgage Broker first to apply for a Pre-Approved Mortgage. Even if you have paid a mortgage in the past and are confident that you will have “no problem” receiving another mortgage, it is still recommended to start each buying process with a Pre-Approved Mortgage.

Product FAQs

What is the most important feature of a Pre-Approved Mortgage?

A Pre-Approved Mortgage will do three basic things:

  1. You will confirm the maximum amount you can afford to purchase a home.
  2. Confirm the payment amount associated with this purchase price.
  3. Confirm the interest rate and terms for your new mortgage.

If I apply for a Pre-Approved Mortgage does that mean I am committed to that Lender?

Your Kelowna Mortgage broker will ensure that you are Pre-Approved with the best lender for your situation and with the best rates available.  If you decide you wish to change lenders, your mortgage broker will help you with this adjustment.

What Terms are available for my Pre-Approved Mortgage?

You may choose from a 6 month to 10-year term for your new Pre-Approved Mortgage

Will CMHC or Genworth also review my Pre-Approved Mortgage?

This is a question that is quite common. CMHC or Genworth (two popular default insurance options) will review your information along with the details on the home you are purchasing after the real estate contract is negotiated and signed by both the Seller and Buyer. That is the reason that even with a Pre-Approved Mortgage your real estate professional will include a “subject to financing” clause on your real estate contract.  Default insurance is required for any purchases in Canada with less than 20% of the purchase price as a down payment.

What is the cost for a Pre-Approved Mortgage?

The advice and Pre-Approved Mortgage you will receive is free of charge.

How long is the Pre-Approved Mortgage guaranteed for?

The Interest Rate and Pre-Approved Mortgage will normally be guaranteed for a minimum of 120 days.  If interest rates rise during this time, the lender will honor the lower rate.  If the interest rates decrease during this time, the lender will also adjust accordingly.

If I have been Pre-Approved for a Mortgage, will this help my Real Estate Agent?

Yes, a Pre-Approved Mortgage will assist your Real Estate professional as they will be able to focus on the purchase price that you have been pre-approved for and will assist in the negotiation process. It is important to note that a Pre-Approved Mortgage will need to be reviewed by your lender in order to provide you with a Final Mortgage Approval, and the lender will also consider the property you wish to purchase along with other monthly costs pertaining to this purchase. (Property Taxes, Condo Fees are two examples)

How long of a process should I expect when applying for a Pre-approved Mortgage?

In some cases, a Pre-Approved Mortgage can be confirmed immediately. Contact your Kelowna Mortgage Broker for more details.

Contact Us

    Our Exclusive Suite of Products

    Our team is devoted to helping you achieve your long term goals. Enjoy options and possibilities that you may not have considered when sticking with traditional banking products. If your goals include paying down your mortgage faster or looking for a rental income to make some headway on your amortization we are happy to discuss all of your options. Your Kelowna Mortgage Broker is able to help you with your first mortgage or renegotiating the terms on an existing property. Call John Antle Mortgages in Kelowna today and let’s get started!

    The Right Mortgage

    Suite Of Insurance Products

    Suite Of Credit Cards

    Suite Of Additional Services

    John Antle Mortgage Alliance has access to over 60 of the Top Moneylenders. Let us find the right Mortgage to suit your needs!