Pre-Approved Mortgages Iqaluit NU

Thinking about buying a new home but not sure what the difference is between being pre-qualified and pre-approved for a mortgage? Bernice Dunsby, RBC's senior manager of home equity, has some answers.

Mortgage Coach
(416) 693-6946
68 Superior Creek Lane
Etobicoke, ON
 
Windsor Mortgage Corporation Ltd
(780) 464-2188
Sherwood Park, AB
 
Hazeldean Mortgage Corp
(604) 742-0083
970 Burrard St
Vancouver, BC
 
Mark Richards Mortgage Specialist
(250) 635-7572
4650 Lakelse Ave
Terrace, BC
 
Fairtrust Financial Services Corp
(905) 238-5626
5484 Tomken Rd
Mississauga, ON
 
Citifinancial Canada Ltd
(780) 962-9206
16 Westway Rd
Spruce Grove, AB
 
Service Hypothecaire Cibc Inc
(450) 463-6000
1010 Rue De Serigny
Longueuil, QC
 
Brad J Lamb Financial
(416) 849-9223
619 King St W
Toronto, ON
 
Centum Mortgage Specialist Inc
(902) 492-4210
6125 Charles St
Halifax, NS
 
Citifinancial
(905) 994-0134
1264 Garrison Rd
Fort Erie, ON
 

Pre-Approved Mortgages

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(NC)-Thinking about buying a new home but not sure what the difference is between being pre-qualified and pre-approved for a mortgage? Bernice Dunsby, RBC's senior manager of home equity, has some answers.

"When you're pre-qualified for a mortgage," says Ms. Dunsby, "a lender has simply given you a rough idea of how much you may be able to finance to buy your home."

"On the other hand," she continues, "with a pre-approved mortgage, a lender has made an actual commitment, subject to conditions, to loan you money."

You'll find house-hunting is easier with the advantages of mortgage pre-approval:

• You'll save time, seeing only homes you can afford, and you can better manage your money, knowing your monthly payment amounts, as well as how much your down payment will be.

• Real estate agents will serve you better because they know you're serious and ready to buy, and when you make an offer to purchase, the seller is more likely to give it serious consideration because you have solid financial backing. Your pre-approved status may also give you more negotiating power with a seller.

• Your mortgage rate will be locked in against increases for 90 days with most financial institutions if you select a fixed rate term (and it can go lower if rates go down). There's no cost to you for a pre-approval and you're not obligated to accept the mortgage.

More information on buying a home or getting pre-approval can be found online at www.findingyourhome.ca.

- News Canada