Benefits of Getting Pre-approved

Hi Everyone! Its Josephine Ng, your Mobile Mortgage Specialist with TD Canada Trust. Today I wanted to talk about pre-approvals. What are pre-approvals, what are the benefits and how can it make your next home purchase or refinance a more comfortable experience. With the new mortgage rules and fluctuating interest rates in the past few months, there are several imortant reasons why you should get pre-approved first. 1) You can book your interest rate – With potential interest rate increases down the road, getting a pre-approval is one way to lock in todays rates for a period of time. At TD, we can hold your rate for 120 days for regular purchases or up to a year if you plan on building a home. Now keep in mind that a pre-approval is just like a regular approval where we ask you to fill out a credit application and obtain your consent to check your credit. The only missing piece of information with a pre-approval may be the property address. 2) More time to look for a house – With a pre-approved mortgage, you will know how much you can afford therefore you can take the time searching for the home that you really want. Since we can guarantee your rate for 120 days (subject to conditions) this can take a lot of pressure off while searching for the right home. If you dont find something that you like within 120 days, you can simply renew your pre-approval at the interest rate in effect at that time. 3) Helping you budget – Getting a pre-approval may encourage you think ahead financially. I can show you what other costs are associated with buying a home as well as the ongoing costs of maintaining a home. you can also check out my article on Additional Costs to Consider When Purchasing Your Home. 4) Whats your limit – Getting pre-approved can help you establish a spending limit so you have a clear idea of the size of mortgage you may qualify for and are comfortable with, relative to your income. This can bring you confidence in making a sound offer on a home when you think the time is right. 5) Equity Take-Out – Use the equity you may have built up in your home to finance renovations or to consolidate debt. This can save you thousands of dollars and getting pre-approved locks in current rates for 120 days, leaving you with the flexibility to choose a mortgage term or other features. All in all, getting a pre-approval is a great way to plan ahead, understand your financing options and learn about the different mortgage products available to suit your needs. There is absolutley no obligation attached so it’s a valuable service as you prepare to make a home-buying decision. No matter what type of mortgage financing you are looking for, it makes sense to speak to me first. Thank you! Sincerely, Josephine ng www.tdmortgage.wordpress.com
May 26, 2010

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