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Mortgage pre-approval

Mortgage broker can help you answer in pre-approving you for a mortgage.

What is its purpose?

In the previous article, we discussed the value of a budget and the importance of putting money aside to raise a down payment and to demonstrate to lenders your ability to meet the financial demands of an owner. But how much money do you need? What is your borrowing capacity?

These are two questions that your mortgage broker can help you answer in pre-approving you for a mortgage. Indeed, the mortgage pre-approval is an indispensable tool for anyone shopping to buy a property. It can target the market that will best suit your financial situation.

But what is a mortgage pre-approval?

This is simply the result of an analysis of your ability to become owner. Your mortgage broker will consider your income and current expenses, to which he will add the costs related to the management of a property. The results of this analysis will tell you how much your budget allows you to pay for a house. That is why it is important to get pre-approved before you start shopping: then you will clearly know the limits to be imposed and you're less likely to choose a property that exceeds your ability to pay.

Minimum down payment

Portability of the mortgage insurance premium.

You want buy a property but you do not have the capital outlay required of 20% of the purchase price to obtain a conventional mortgage loan. No problem the mortgage lender will refer your file to a mortgage insurer. You will be charge with a mortg...

Mortgage pre-approval

Mortgage broker can help you answer in pre-approving you for a mortgage.

What is its purpose?In the previous article, we discussed the value of a budget and the importance of putting money aside to raise a down payment and to demonstrate to lenders your ability to meet the financial demands of...

The early renewal

Is it worth it?

Your mortgage loan falls due in a few months. The current rate of your loan for a 5 years term is 3,39%. Your financial institution offers you to renew by anticipation, 4 months before the term end, at a rate of 3,09% for a new 5 years term....

Make a budget

You wish to purchase a home, but have you budgeted accordingly?

Before thinking of buying a property, it is important to make a budget to ensure that it does not become a prison, but a place where life is good. It is not necessary to make a complete revision of your income and your expenses. However, buying a ...