Getting Pre Approved for a Mortgage in Brockville

Getting pre approved for a mortgage in Brockville is when you apply for a mortgage with a lender and the lender confirms that there is a strong possibility that you will be approved for a mortgage in Brockville once an offer is made. Being pre approved will also tell you the maximum house price that you can afford in Brockville. 

Getting Pre Approved for a Mortgage in Brockville

Pre Approval Benefits

With a pre approval, you are able to:

• lock in a rate for up to 120 days
• get an example of what your mortgage payment will be
• find out the house price maximum that you should be looking within

A pre approval gives you a very strong indication on if you will be approved for a house once an offer is made. 

However, it does not guarantee that you will get a mortgage once you make an offer as there are other factors that do into a lender's decision. 

Learn more: Where to Get a Mortgage in Brockville Ontario

Other Mortgage Approval Factors

Some example mortgage approval factors are:

• the mortgage insurer’s (i.e. CMHC) decision, if applicable - as they can override a lender’s decision
• the property itself - does it meet the lender’s guidelines
• property taxes and condo fees - that may be higher and affect your debt to income ratio

Learn more: Three Ways You Can Pay Your Property Taxes

An in-depth pre approval review with a Brockville mortgage broker will be important to assure all these challenges are covered upfront to assure success. 

When thinking of buying a house, it’s important to make sure you buy a place within your own budget as you may get pre approved for more then your comfort level.  

Other Costs to Consider When Buying a Home in Brockville

When buying a home in Brockville, there are other costs to consider such as:

• moving costs
• closing costs, like paying your real estate lawyer
• costs for upkeep to the house or condo fees

Learn more: Closing Costs to Consider When Purchasing a Home
Learn more: City of Brockville