You have decided that it is finally that you take the plunge and buy your own home, you need more space for a growing family, your rent money is paying the mortgage for a property that you will never own. You might as well buy the house and pay the mortgage, this way at least you will own the house in the future. You have a very stable job and have an excellent credit rating and best of all you have managed to save the down payment for your dream home, now you just need a pre approved St. John’s, Newfoundland mortgage.
“Pre approved mortgages” tell the buyer know exactly how much money they can afford to borrow and also informs the buyer of any potential conditions on the loan. The amount of money that you may borrow for a mortgage can vary depending on a number of different factors including your credit rating, income levels and how much money you spend on your basic family expenses. Lenders will analize the information to determine a comfortable mortgage amount based on the present average interest rate.
A pre approved mortgage in St. John’s, Newfoundland can have different terms and conditions depending on the lender, the most common condition is a pre-approval time limit, most pre approvals are only valid for a maximum of 90 days.
For most home buyers in Newfoundland the most important aspect of a mortgage pre approval in St. John’s, Newfoundland is the interest rate. The pre approval interest rate from most major Canadian banks may not be the same as the actual mortgage interest rate 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, therefore you could actually end up paying more than you originally thought.
In contrast a mortgage broker will always provide the lowest discounted rate available, therefore increasing the buyer’s ability to afford a larger mortgage, or saving the buyer enough money to qualify for the home loan.
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 including private lenders and can get pre approvals for your St. John’s, Newfoundland mortgage from these lenders. Our mortgage brokers help the buyer to choose the best mortgage for their needs.