Pre-approved Mortgage

A pre-approved mortgage certificate is a written commitment, by a lender, that you will get a mortgage for a set amount of money, at a specific rate of interest that is guaranteed for a set period of days. The commitment is made subject to a property assessment. The service is free and without obligation.

A pre-approved mortgage gives you an edge. Before you even go house hunting, you will know the size of your mortgage, the interest rate, and the size of your monthly mortgage payments. With your financing already mapped out, you can concentrate on finding the right home in your price range. A pre-approved mortgage also puts you in a strong bargaining position when you make an Offer to Purchase. If the seller wants to make a quick sale, you may be able to negotiate a price lower than the list price, because the seller knows that you are a serious buyer. On the other hand, if several people are bidding on the home you want, you may decide to offer to purchase at the list price, to beat out earlier offers.

This also lets the realtor no that you are a serious buyer. There is no point for the realtor showing you homes out of your price range.

Shopping for a Home

You are ready to go shopping if you have:

Set aside money for your down payment and additional costs
Determined the price of home you can afford
Investigated your mortgage options
Your pre-approved mortgage certificate










http://www.expertmortgages.ca/
Allyson Foulis, Laura Reaney, Maureen Haslehurst, AMP Brokers
Jennifer Robinson, Cheryl Leukefeld, Katharine Creery
office 250-727-7746
fax 250-721-5924