Estimate how much you can afford to spend on a home.
Determine what your mortgage amount and payments will be.
Compare different ways of paying your mortgage off faster.
Add lump sum or top-up payments to your mortgage calculation.
See your amortization schedule (which provides a breakdown of principal and interest payments for the life of the mortgage).

What is pre-approval?

A pre-approved mortgage certificate is a written commitment that you will get a mortgage for a set amount of money, at a specific rate of interest that is guaranteed for 60 to 120 days, depending on the financial organization you choose. The commitment is made subject to a financial assessment and property appraisal. The service is free and without obligation.

Why is it a good idea to get a pre-approved mortgage?

A pre-approved mortgage gives you an edge. Before you even go house hunting, you will know the size of your mortgage, the interest rate, and the size of your monthly mortgage payments. With your financing already mapped out, you can concentrate on finding the right home in your price range. Nothing is as disheartening as to find the "perfect" home, only to realize after the offer to purchase process that you cannot afford it.

A pre-approved mortgage could also put you in a stronger postion to bargain when you make an Offer to Purchase.

How? Well, if the seller wants to make a quick sale, we may be able to negotiate a price lower than the list price, because the seller knows that you are a serious buyer. Also, if several people are bidding on the home you want, your offer may be more attractive than the others as you don't have to worry about a financing condition.

Being pre-approved is vital in todays market, where houses sell very quickly, and often go into what we call "competition". That is where more than one offer is submitted for a home. If you know you don't have to worry about getting financing (because you're pre-approved) that is one condition you don't have to worry about and may mean the difference between getting the house or not.

Pre-approval can be done by any financial institution of your choosing, or if you wish, I can supply you with the names and numbers of several people who can assist you. Please note that I cannot recommend one person or institution over another. The final choice will be yours.