Q. What are the benefits of having a mortgage pre-approved?
A. · A pre-approved mortgage confirms the maximum allowable mortgage a home buyer is qualified for prior to a property search.
· A pre-approved mortgage secures a mutually agreed interest rate for a predetermined time frame (usually 90 – 120 days) within which the homebuyer is fully protected against any unexpected interest rate increase.
· A pre-approved mortgage application process will also allow any unknown credit issues revealed by the credit bureau to be prudently addressed and dealt with.
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Michael Sato | 604.779.1517