Getting a pre-approval for mortgage financing before you start to look for a home can be a smart move, as you’ll get a clear sense of how much you are eligible to borrow, and you’ll be assured of a particular mortgage rate.  With a locked-in rate, there is no risk of any interest rate increases while you are house hunting.  The good news for those who turn to a mortgage broker is that a broker may be able to obtain a longer pre-approval rate hold.

A pre-approval is not a guarantee of financing, however, as the property you intend to purchase – along with your supporting information (such as income, down payment and employment history) – has to meet the financial institution's criteria to be approved for lending.  A pre-approval does not eliminate the need to make a conditional offer.  Also, a pre-approval does not take into account closing costs such as inspection and appraisal fees, legal fees, land survey or title insurance, land transfer tax and moving costs.

Call an Invis Mortgage Consultant today to get pre-approved.  He or she can get you an extremely competitive interest rate and length of rate hold – you’ll soon be on track to finding the home that’s right for you and your family.     

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