When it comes to securing a mortgage, locking in the right interest rate and term it is extremely important to obtain a pre-approval. Most lenders establish a rate commitment by guaranteeing an interest rate for buyers while they shop for their new home. This means, buyers are guaranteed they will get a certain rate and term on their mortgage loan, even if the rates rise while they are shopping. Those who do not commit to, or lock in a rate, and who find that interest rates have risen during their shopping process, sometimes find a significant decrease in the amount of money they qualify for, or how much they can afford. Most lenders require that borrowers receive a full pre-qualification for the maximum amount, afterward most rates are guaranteed for 120 days from the date of submission. When a buyer has been pre-qualified, it means their financial information has been reviewed, and a lender has determined the maximum mortgage amount they can afford. There are also other benefits of being pre-qualified for a mortgage. Offers made from pre-qualified buyers are often considered stronger offers and they allow for more power during the negotiation process. Pre-qualification also means the buying process typically goes much faster, as there are fewer potential complications that tend to come up. Getting pre-qualified for a mortgage, and subsequently locking in a rate, is a fairly straightforward process. The borrower must provide the lender with most of the documents required for a complete mortgage approval. Then the lender will guarantee that qualified buyers will be able to get a mortgage with the agreed rate when the purchase is finalized.
Mortgage Partners Corporation has a highly qualified staff of licensed mortgage brokers in Ontario and surrounding areas to serve you. one of our mortgage professionals will require a short list of information that will allow them to determine your buying power.
Our Mortgage Professional will come directly to you and help you start the process. We understand and value our clients time and convenience.