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When
you are dealing with a mortgage broker in Ontario,
pre-qualification will determine the amount of mortgage
you may borrow based on Canadian Lender Guidelines. Some
mortgage brokers in Ontario will hold an interest rate for
30, 60, 90, or even 120 days for a pre-qualified
applicant.
The
lender guarantees that "if" you qualify for a
mortgage they will offer their agreed-to interest rate.
Just agreeing to an interest rate through a
mortgage broker in Ontario does not require a lender to
complete preliminary underwriting, while a full
pre-approval does.
Through
an Ontario mortgage broker , pre-approval is a lender's
firm commitment on a loan before you find a property. This
lets you enter into negotiations with the seller with
confidence. An early pre-commitment through a mortgage
broker in Ontario will (1) tell you exactly what you can
afford to offer for a home and (2) prove to the seller
and/or your Realtor that you're serious about buying a
home.
To
find the lowest
mortgage rate in Canada, click
here.
Other
articles of interest are loan
in Canada, home
equity loan Canada, debt
consolidation loan in Canada, and consolidation
loan in Canada.
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