Banks across Canada are adjusting residential mortgage rates. For homebuyers right now, it might be time to look at the changes and see what you can get before you get you pre-approved mortgage.
As you may already know, when you go hunting for a house, to show how serious you are to both real estate agents and sellers on the market, you should have a pre-approved mortgage.
A pre-approved mortgage is documentation stating the amount you can get for a mortgage when you are buying a house.
By having a pre-approved mortgage, you are showing sellers that you are prepared to purchase a house, even theirs.
With residential mortgage rates decreasing once again, you might want to look into renewing your pre-approved mortgage and capturing the lowest possible rate for the best period of time.
Once you have your pre-approved mortgage at the rate you want, all that is left is for you to search for the right home and if you go about it the right way, the process will get done faster than you think.
With this said, pay attention to residential mortgage rates posted at your bank and other financial institutions, you are bound to find a rate that suits you.
Heleen Jacobsen
Broker of Record with InfoMarket Group GMAC Real Estate
www.infomarketgroup.com
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