9 Steps to Buying A Home - Buyer's Guide

Section 3.
at a glance
1
When should I obtain a
mortgage pre-approval?
A pre-approval is recommended when
you are unsure of your financial limits
and would like to know the maximum
amount of a mortgage that you qualify
for.
2
Can I get a pre-approved
mortgage before I find the
home I want to purchase?
Definitely! A pre-approved mortgage is
not bound to a certain property, but is
dependent on your financial situation.
Knowing the maximum amount of a
mortgage you qualify for will help you
narrow down your options (p. 16).
3
What is the benefit of a
pre-approval?
As mentioned, you will know the
maximum mortgage that you qualify for.
Additionally, you can lock in an interest
rate in case interest rates rise before
you purchase a home (p. 16).
4
What are the steps in the
approval process?
For a detailed explanation of the
approval process, please see page 17.
5 6
Is a pre-approval a
guarantee for a mortgage
loan?
No, the final approval of a mortgage
depends on the specific property you
are planning to buy, since the lender
will want to verify that it meets certain
standards (p. 16).
Are the terms and
conditions of a mortgage
negotiable?
Yes, to a certain extent. As soon as
the lender agrees to lend you money,
will have to negotiate the terms and
conditions, such as mortgage amount,
amortization period or re-payment
frequency (p. 18).
Monika Tarnik-Jedrusiak
416.822.7357 ext. Lic# M13000687
monika@mortgagepal.ca
20