Mortgage Update January 6, 2023

Why Homebuyers must get a Mortgage Pre-Approval NOW!

Click NOW To Get That Mortgage Pre-Approval Without Delay!

If you plan to buy real estate this year at all, get a mortgage pre-approval right now! Don’t wait, do it now and at least have a rate locked in that the lender will honor for up to 120 days even if interest rates go up right after you receive said approval.

The Bank of Canada has plans to make at least two-(2) interest rate announcements this quarter on January 25th and March 8th respectively. We aren’t certain of what will be announced but it’s fair to assume that another rate increase is very possible.

In general, it is a good idea for home buyers to get pre-approved for a mortgage before they start looking for a home. A mortgage pre-approval is a commitment from a lender to provide you with a home loan for a specific amount, based on your financial situation.

It is important because it helps you understand how much you can borrow and what your monthly payments will be. It also gives you a competitive edge when you are making an offer on a home, as it shows the seller that you are a serious and qualified buyer.

If you are considering buying a home, it is a good idea to speak with a lender and get pre-approved for a mortgage as soon as possible. The lender will review your financial situation and help you determine how much you can borrow and what your monthly payments will be. This will give you a better understanding of what you can afford and help you narrow down your search to homes that are within your budget.

In the meantime, start reviewing the market trends for your current or desired neighborhood using a postal code or a drawn area by signing up for the FREE Neighbourhood News Report!
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