You have decided that it is time to buy your own home or condo, your family is growing and you are do not want to keep paying some other person’s mortgage. You have a good job and have the down payment for your dream home. Now you just need a pre approved Ontario mortgage.
A “pre approved mortgage” lets the buyer know exactly how much money they can borrow from a lender. The amount of money that you may borrow is based on many different factors including your credit rating and income. Lenders will take all the information provided to determine a maximum mortgage you can afford. You can also choose an interest rate based on various options.
A pre approved mortgage in Ontario can have many terms and conditions. The most common condition would be a pre-approval time limit of 90 days.
For most people the most important aspect of a mortgage pre approval in Ontario is the interest rate. The pre approval interest rate from a bank may not be the same as the actual mortgage since interest rates can go up and down. Most pre approvals from a bank will set a fixed interest rate for a short period of time. In contrast a mortgage broker will always provide the lowest discounted rate available. We will compare interest rates from many different lenders and provide you with the best rate.
A mortgage agent can advise you on how to get lower interest rates and better terms by improving your credit score and providing financial advice. A mortgage broker has access to many lenders and can get pre approvals for your Ontario mortgage from a number of different lenders. This allows the buyer to choose the best mortgage for their needs.