Most responsible real agents require you to have a pre-approved mortgage before they take you out house hunting. This helps them find you a home that is well within your affordable price range. Pre-approval helps you determine the mortgage amount you qualify for and that you are comfortable with.
You can find online mortgage calculators that help you determine how much you qualify for. You can also complete online applications to request pre-approval. Getting an online application helps with some of the preliminary credit and underwriting work. So what is a pre-approved mortgage?
• A pre-approved mortgage is usually one of the first steps to beginning the buying process. When you get pre-approved, you know what you can afford. This helps avoid disappointment. • A pre-approved mortgage will guarantee an interest rate from a lender for a specified number of days-- usually 60 to 90 days.
More info on pre-approved mortgages in Toronto.
