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Mortgage Info

What is a pre-approved mortgage?

It’s a written commitment from a lender that you will get a mortgage for a set amount at a set interest rate, locked in for 60-120 days, depending on the lender. The commitment is subject to the lender approving the property value which may or may not require an appraisal. This service is always free and without obligation.

Why do it?

A pre-approved mortgage gives you an edge. Before you even start house hunting, you’ll know how much you can afford, your interest rate, and your monthly payments. With your financing already mapped out, you can concentrate on finding the right home in your price range.

A pre-approved mortgage shows you’re a serious buyer. In a situation where there may be multiple offers on the home you want, you may decide to offer the list price and beat out earlier offers.  Also, your Agent can communicate to the Seller that you are pre-approved, so you are confident there will not be any complications arranging your financing.

Dominion Lending Centres- Western Lending Source is a national mortgage brokerage and leasing company with more than 1,500 members offering free expert advice across Canada – taking the hassles out of the mortgage process and simplifying your life.

I have access to more than 90 lending institutions, including big banks, credit unions and trust companies, and I am familiar with a vast array of available mortgage products – ranging from first-time home buyer programs to financing for the self-employed to financing for those with credit blemishes.