A Pre-Approved Mortgage will do three basic things:
Your Kelowna Mortgage broker will ensure that you are Pre-Approval 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.
You may choose from a 6 month to 10-year term for your Pre-Approval.
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.
The advice and Pre-Approved Mortgage you will receive is free of charge.
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.
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)
In some cases, a Pre-Approved Mortgage can be confirmed immediately. Contact your Kelowna Mortgage Broker for more details.
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!