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Buying Your Home
Getting Pre-Approved for a Mortgage

For most of us considering buying a home, a mortgage will play a large role in the financing of this purchase. Pre-approval of a mortgage is simply having your lender review all of your financial information and determining the maximum amount of money you can borrow.

Why Get Pre-Approved?

  • You know exactly how much you can borrow, so you can tailor your home search to properties you can realistically afford.
  • The Lender will generally guarantee their interest rate to you for a period of 60-90 days - some even up to 120 days. This way, if rates increase, you are able to take advantage of your pre-approved lower rate.
  • Pre-approval gives you a competitive advantage when making an offer on a home because the seller knows that you have qualified for a loan. In a situation where there are multiple offers this is imperative.
  • Once you have made an offer on a property and are ready to apply for your mortgage loan, you can save time because much of the paperwork has already been completed.

What Information Will be Required?

  • Personal information such as marital status and number of dependents.
  • Employment details, including T4 assessment and letter from employer verifying your salary.
  • Investment and banking information (i.e. - RRSP, Mutual Funds, Stocks).
  • Details of your assets (i.e.- a car, boat, any other property)
  • Information on loans and other liabilities (i.e. lines of credit, car payments, support payments)
  • Permission to do a Credit Check.

The mortgage market is currently very competitive. Many Banks, Credit Unions, and Mortgage Brokers will reduce their posted interest rates in order to gain your business. A small discount in your interest rate can make a huge difference in the long-term interest amount you will be paying, so shop around, and don't be shy to ask for their best rate. You Realtor can help you in finding the right lender.

There are some great Websites offering information about mortgages:

Tricks & Tips for Successful Home Buying

Let Us Help Find the Right House for easy to fill out form highlighting your "Dream Home".

Ten Steps to Buying Your Home...find out the most important steps in planning the purchase of your first home.

Buying Your Home with Just 5% Down...see if you qualify.

Saving Money on Your Mortgage...helpful suggestions to reduce the amount of interest you pay.

Closing Costs...don't forget about closing costs when you are purchasing your home.

Property Transfer Tax might be eligible for an exemption of up to $6,500.

Lisa MacIntosh Team - Personal Real Estate Corporation - Keller Williams Realty - VanCentral
604-262-1581 Fax: 604-630-7089
3995 Fraser St. Vancouver V5V 4E5
Medallion Club Member -
Top 10% of Realtors in Greater Vancouver
email: Lisa MacIntosh Copyright © 2018. All rights reserved.

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