No. 3 of 10 Things to Consider Before you Buy Your First Home

Selecting the Right Mortgage and Getting Pre-Approved: Getting a mortgage for the first time can be a very daunting process and knowing how to select the right mortgage that meets your needs, and of course you qualify for, is essential.   Your first thought may be about getting the best rate, which is of course extremely important.  However, just as important are the terms and conditions that come with that mortgage.  Sometimes a specific benefit or flexibility on the terms of a particular mortgage might be more favourable to you than just the rate!  I will help you decide which mortgage is right for you as you might be surprised at all the choices and options there are… not just a five year fixed term!   Then let’s make sure I protect you from rising rates while you go house hunting with a pre-approval.   To get pre-approved, the lender evaluates and determines how much you can borrow; giving you the realistic figure upon which you can base your purchase price range on… at the same time the interest rate will be held for you for the term you have selected for up to four months.  This means you won’t be impacted negatively by any rate increases while you are house hunting.  Having a pre-approval can provide you more security as well as stronger negotiating power when you place your offer.