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Pre-Qualification Process

 
When searching for a home, it makes sense to get a mortgage pre-approval and line up the necessary documents before you dive into your house hunt.

So, what’s a pre-approval? It’s the process of determining how much money a prospective home buyer will be eligible to borrow, before a formal mortgage application is filed, based on the information they have provided at that time.

With a pre-approval, you’ll get a good sense of how much you can afford, and you’ll be assured of a particular mortgage rate for a set period of time. With a locked-in rate, there is no risk of interest rate increases while you are house hunting. A mortgage advisor may be able to obtain a longer pre-approval rate hold. Another benefit of a pre-approval is that you’ll be in a much better position to negotiate with sellers.

On the other hand, a pre-approval is not a rock-solid guarantee of financing, it does not eliminate the need to make a conditional offer, and you still must consider all closing costs.

For more information contact The Wilson Team or call 613-695-9250
 

  • Terms
  • Posted Rates
  • Our Rates
  • Variable Rates
  • 2.70%
  • 1.80%
  • 1 YEAR
  • 2.99%
  • 2.29%
  • 2 YEARS
  • 2.84%
  • 2.34%
  • 3 YEARS
  • 3.39%
  • 2.39%
  • 4 YEARS
  • 3.89%
  • 2.69%
  • 5 YEARS
  • 4.64%
  • 2.29%
  • 7 YEARS
  • 3.39%
  • 3.19%
  • 10 YEARS
  • 6.10%
  • 3.79%

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