A mortgage pre-approval will help you determine the maximum amount of money that you can borrow for your home plus a guaranteed interest rate for up to 120 days. Getting pre-approved for a mortgage will give you peace of mind knowing what home you can likely afford and puts you in a good position to make an offer when your dream home comes onto the market.
Real estate agents will know you are serious about your home buying intentions and ready to buy which may provide leverage in the negotiation process, especially when there are multiple parties bidding for the same property.
You are under no obligation when you’re pre-approved to accept the mortgage, but you should still feel comfortable with the amount and terms of your pre-approved mortgage. When you are pre-approved for a mortgage you can lock in that interest rate which is typically guaranteed for 90 – 120 days. You can rest assured that if the rate drops, we adjust your rate for you, and you are protected if the interest rates should rise.
By discussing mortgage pre-approvals with your Mortgage Professional, you will have a good idea of what kind of mortgage payment you can comfortably fit into your budget.
A SIDE (Based on qualifying terms)
5 Year -
Variable Rate Prime - .10% = 2.35%
Fixed High Ratio - 2.69%
Fixed Conventional - 2.79%
B SIDE (Bad credit/Low income)
1 Year or 2 Year Fixed - 3.69%
First Mortgage - 5.49%
Second Mortgage - 6.99%
Third Mortgage - 10.99%
All rates are subject to change without notice. Rates and Terms must meet qualifications for each program.