Pre Approved Mortgage Regina, Saskatchewan

You have decided that it is time to buy your own home or farm, 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 Regina, Saskatchewan 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, income, type of property and your family expenses. Lenders will take all the information provided to determine a maximum mortgage  based on an average interest rate.

A pre approved mortgage in Regina, Saskatchewan can have many terms and conditions, the most common condition would be a pre-approval time limit of 90 days, other may be cleaning up some credit problems.

For most people the most important aspect of a mortgage pre approval in Regina, Saskatchewan 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 and then allow some flexibilty if interest rates dramatically change.

In contrast a mortgage broker will always provide the lowest discounted rate available, therefore increasing the buying power, and/or, reducing the payment enough to get their ratios in line for any house.

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 acces to many lenders and can get pre approvals for your Regina, Saskatchewan mortgage from a number of different lenders. This allows the buyer to choose the best mortgage for their needs.