A mortgage pre-approval allows for the home buyer to know their borrowing power. It is a great option for those looking to buy a home to get an idea of what price range they can afford. Applying for a pre-approval is very easy and absolutely free. The great thing about pre-approvals is you are not obligated to the lender or mortgage broker from whom you received the pre-approval from.
First step to receive this service is to find an experienced mortgage agent and typically submit an application. Once the pre-approval comes back your mortgage agent will let you know the amount you are able to borrow along with the interest rate and the monthly payments for that particular amount. Another benefit to applying for a pre-approval is you are guaranteed that interest rate for a certain period of time which can protect you from a potential rate increase.
Pre-approvals are always a great option that is available to those who are looking for an overall idea of their borrowing power.
For more details and information on pre-approvals do not hesitate to contact Robert Clancy:
Robert Clancy, AMP,
VERICO Safebridge Mortgage Solutions
SAFEBRIDGE Financial Group
Tel: 416 899-1467
Fax: 1866 385-4049