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