mort·gage pre·app·rov·al noun Pre-approval is a discussion with a mortgage lender before you need the mortgage to see how much you are qualified to borrow and at what rate. Mortgage pre-approval is when a lender assesses your credit and financial situation to determine if, and how much, you are qualified to borrow for the purchase of a home. Getting pre-approved for a mortgage gives you a more realistic expectation of what you can afford. This saves you time and frustration during the house hunt and when you make an offer. It also locks in an interest rate for a certain time, such as three months. Keep in mind, pre-approvals may over-estimate what you can actually afford. If market conditions or your financial situation change, a pre-approval doesn’t guarantee you will be approved for a mortgage. Buying a home may be one of the biggest financial decisions you’ll ever make. That’s why financial literacy is so important and why I’m pleased that November is Financial Literacy Month. When you have the financial knowledge you need, you are better able to make informed choices and contribute to a prosperous Canadian economy. For more information on the financial aspects of the home buying process check out the Homebuyers’ Road Map, a collaboration between The Canadian Real Estate Association and the Financial Consumer Agency of Canada. To access the Homebuyers’ Road Map please visit: http://REALTORLink.ca If you want to check out the rest of our Financial Literacy Month videos, subscribe to, or visit, CREA’s YouTube channel. https://www.youtube.com/user/CREACHANNEL
2. Home Buying: Defining The Financial Terms - YouTube |
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| News & Politics | Upload TimePublished on 6 Nov 2014 |
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