Getting pre approved for a mortgage in Brockville

August 2nd, 2019First time homebuyers

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. 

A pre approval will help tell you the maximum house price that you can afford in Brockville. 

 

Getting pre approved for a mortgage in Brockville

 

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 lenders decision. 

Some example 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

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 a lender may pre approve you for more then your comfort level.  

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