What is a Mortgage Pre-approval and renewal?
A mortgage pre-approval is a process that gives you information to help you with your search for your new home. When you get pre-approved for a mortgage, you’ll find out:
– The limit you can afford to spend on a new home
– The monthly mortgage payment associated with your limit
– What your mortgage rate will be
Applying for a mortgage pre-approval is easy and we at GTA BEST MORTGAGE can push you in the right direction. But, getting pre-approved does guarantee that the mortgage rate you’re offered by a lender won’t change for 120 to 160 days. By locking your rate, you’re protected if interest rates rise when searching for a home.
Mortgage renewal is the opportunity to review your current financial situation – and our goal here at GTA BEST MORTGAGE is making sure you select the right mortgage options for your budget. You’ll get a letter from the lender before your renewal date to discuss your interest rates, future plans (home renovations, a move, etc.) and more which you would be thinking of planning.