Pre Approved Mortgage Rates What Are They?
When looking to purchase real estate, you can get approved for a mortgage in Whitby before you even begin looking at properties. A pre-approved mortgage is a tentative deal between you and a lender. It outlines their estimates of how much they will lend you and at what interest rates based on your credit rating. The deal does not guarantee that you will receive a mortgage, as the lender will have certain criteria that the property you buy must meet. Through the mortgage application process they will verify that these criteria are met.
Pre Approved Mortgage Rates What Are The Benifits?
There are many benefits to being pre-approved for a mortgage!
You will know how much money you can afford to spend on a property. Knowing this allows you to narrow your search when looking at properties and not waste time on properties out of your price range. You will also be able to confidently make an offer when you find the perfect home!
You will know what your monthly payments on a property will be. With this information you will be able to plan a budget before you’ve committed to buying a property.
You will look more serious to the seller. Getting pre-approved for a mortgage shows that you are pro-active and that you are truly interested in buying a property. This will give you an advantage over other potential buyers who did not get pre-approved for a mortgage.
You will look more serious to your real-estate agent. Getting pre-approved for a mortgage shows your realtor that you are serious about buying a property and they will work harder to help you find your perfect home.
You will lock in an interest rate, protecting you if interest rates rise. The interest rate guarantees generally last anywhere from 30-120 days, depending on the financial institution. If interest rates go down, in most cases the financial institutions will offer you the lower rate!
You can put down a deposit on a property without fearing that you will lose it. Without pre-approval you may put down a deposit, only to not be approved for a mortgage! Getting a pre-approval gives you peace of mind at this time.
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Why Get A Pre Approved Mortgage?
Most people when thinking about getting a mortgage will first turn to a bank. In reality it is not only banks that can offer mortgages, but also many other financial institutions such as credit unions and trust companies. In general mortgage brokers in Ontario are in contact with many different financial institutions when finding you a mortgage.
The advantage of getting pre-approved for a mortgage by Lez Gomez Mortgage Broker in Ontario is that he is not tied to any one financial institution and thus can find you the best mortgage at the lowest rate, making your search for the perfect home that much easier. On top of that, this can usually be done at no cost to you! Lez will sit down with you and figure out what is the best option for YOU! Even if your credit rating is not optimal you may still be able to get a mortgage.
“get your mortgage for little Lez Gomez Mortgage Broker in Ontario”
What is a Mortgage Broker?
A mortgage broker is an intermediary between a lender and a borrower. They essentially work to connect borrowers to lenders that are willing to provide the borrower with a mortgage loan.
Why Choose a Mortgage Broker
Working with a mortgage broker can save you time and fees.
Cons to consider include that a broker’s interests may not be aligned with your own, you may not get the best deal, and they may not guarantee estimates.
Take the time to contact lenders directly to find out first hand what mortgages may be available to you.
Works For you not for the BANK or LENDER
Rates?
At Lez Gomez, we have cultivated relationships with a wide group of institutions and lenders across Toronto that can serve a borrower’s unique needs and constraints. We understand that when it comes to a mortgage, no family’s requirements and profiles are the same. We do not believe in a one-size-fits-all approach either when it comes to presenting mortgage options.
Why Choose Lez?
Competitive Rates: At Lez Gomez, you can rest assured that you are gaining the best rates available on the market. Through a combination of our deep lender relationships and volume discounts that we actively pass on to our customers to reduce costs, our pricing simply cannot be beat.
