Pre-Approved Mortgages Regina SK

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.

Partners In Planning
(306) 347-4477
2330 15Th Avenue
Regina, SK
 
Wpg, The Wealth Planning Group
(306) 757-5038
207 - 4401 Albert Street
Regina, SK
 
Scotiabank
(306) 780-1250
2907 13Th Avenue
Regina, SK
 
Scotiabank
(306) 780-1200
1980 11Th Avenue
Regina, SK
 
Scotiabank
(306) 780-1275
4110 Albert Street
Regina, SK
 
Stone Creek Financial Group
(306) 543-2448
374 University Park Drive
Regina, SK
 
Penelope Parsons
(306) 949-0153
1848 Mcara Street
Regina, SK
 
Mcnamee Financial Services Inc
(306) 585-2440
207 - 4401 Albert Street
Regina, SK
 
Mgi Securities
(306) 525-2561
1842 Scarth Street
Regina, SK
 
Scotiabank
(306) 780-1230
1504 Albert Street
Regina, SK
 

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