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What is a Mortgage? An agreement by which somebody borrows money from an organization and gives that organization the right to take possession of property given as security if the loan is not repaid. A written contract describing the agreement between a borrower and a lender by which a loan is given against security. The money paid by a borrower, usually monthly, to a bank or savings-and-loan association until the entire sum borrowed by a mortgage agreement has been repaid.
What is a Pre-Approved Mortgage?
It's a written commitment from a lender that you will get a mortgage for a set amount at a set interest rate, locked in for 60-120 days, depending on the lender. The commitment is subject to a financial assessment and property appraisal. This service is always free and without obligation.
Why do it?
A pre-approved mortgage gives you an edge. Before you even start house hunting, you'll know how much you can afford, your interest rate, and your monthly payments. With your financing already mapped out, you can concentrate on finding the right home in your price range.
A pre-approved mortgage shows you're a serious buyer. In a situation where several people are bidding on the home you want, you may decide to offer the list price and beat out earlier offers.
To request a pre-approval, call me today! (250) 374-3022, or email me, erinthompson@telus.net. Mortgage Brokers *Centum LendingMax Kamloops Corp. *The Mortgage Group Invis Financial Group Financial InstitutionsHSBC Bank Canada CIBC RBC Royal Bank ScotiaBank BDC Business Development Bank of Canada BMO Bank of Montreal Interior Savings Credit Union Valley First Credit Union |
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