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How much do you qualify for?
Many lenders will approve your mortgage in advance. This has two distinct advantages: First it helps you determine what you can afford to purchase. Second, it will guarantee you a certain interest rate for a period of time while you are out shopping for your dream home. If your interest rate is not "locked-in", a sudden increase in interest rates could mean you can no longer qualify for the purchase of your home.
The first step to being pre-approved is to complete a mortgage application. You can apply online now, or simply call me to get started.
Based on the information you provide me with, the lender will determine the maximum mortgage amount that you qualify and then lock-in the interest rate for you, generally for 90-120 days while you shop for a new home. Should rates go up during this period, you can still get to take advantage of the rate you were guaranteed (as long as your purchase completes before the guarantee's expiry date). If rates decrease during your guaranteed rate period, your guaranteed rate will usually go down accordingly. If you are not able to find a home during this period, you can renew your pre-approval that the prevailing interest rate after your rate guarantee expires.
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