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
- 3.95%
- 2.85%
- 1 YEAR
- 4.04%
- 3.34%
- 2 YEARS
- 3.74%
- 3.44%
- 3 YEARS
- 3.89%
- 3.39%
- 4 YEARS
- 3.94%
- 3.74%
- 5 YEARS
- 5.59%
- 3.39%
- 7 YEARS
- 5.80%
- 3.64%
- 10 YEARS
- 6.10%
- 3.84%
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