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.

Ratecutters Mortgage Brokers Inc
(204) 724-5550
Brandon, MB
 
Canada's Best Mortgage
(250) 391-7660
Victoria, BC
 
Prasad Investments Ltd
(604) 278-2965
Box 267 185 9040 Blundell
Richmond, BC
 
Mortgage Brokers Com
(780) 865-4171
Hinton, AB
 
Integris Credit Union
(250) 459-2174
Clinton, BC
 
Crossroads-DMD Mortgage Investment Corporation
(403) 291-0469
136 17 Ave NE
Calgary, AB
 
Verico M & B Mortgage Solutions Inc
(604) 527-1088
New Westminster, BC
 
Capital Direct Lending Corp
(705) 746-9800
Parry Sound, ON
 
J Krause Mortgage Services
(250) 762-5244
2425 Baldy Mount
Kelowna, BC
 
Mortgage Intelligence
(905) 563-1946
4204 Stadelbauer Dr Ss 5
Beamsville, ON
 

Pre-Approved Mortgages

Provided By:

(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