Mortgage Pre-Approval Vancouver, Squamish BC

Having a Pre-approval for a mortgage gives you and your real estate agent the confidence to begin the house hunting process with a Pre-approval from a lender. This is where the fun begins. Let’s go over what a Pre-approval entails and you will be ready for the fun!

Once your application has been built, Heather will explain to you the differences between a high ratio mortgage and a conventional mortgage, the difference between a fixed mortgage rate and a variable mortgage rate and the pros and cons for both. Heather will also show you how your new monthly obligations may change your monthly budget, and help you understand what your budget should look like for new expenses such a condo fees, property taxes, closing costs including land transfer costs, legal fees and other disbursements.

Your options for gathering your down payment will be discussed at this time, and in combination with your down payment, income and your debt obligations your maximum purchase price will be determined. You may also be eligible for any First Time Home Buyers programs or the BC Equity Program.

The final step in the Pre-approval, is obtaining your credit report. Your credit score is one way lenders measure your creditworthiness. There are 5 C’s of credit, which include your character as a borrower, capacity to repay any loans, personal and business capital, economic conditions and the collateral (down payment) you have to offer.
Any issues with your credit will be discussed at this time and credit counselling is just one of the perks in working with Heather.

Heather will secure a rate hold with your
Pre-approval giving you peace of mind
while searching for the perfect home

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Your Pre-approval application will be submitted to a lender with confirmation of your income, and a commitment letter will be issued for your qualifying mortgage amount with a rate hold. Your rate hold will be valid for 60-120 days. While you are house hunting you have a rate protection should interest rates rise in the meantime you are protected, and if they drop, your interest rate will drop in accordance.

A mortgage pre-approval you with important information to help you with your home search. When you get pre-approved for a mortgage, you'll find out how much you can amount you can afford to spend on a home. The monthly mortgage payment associated with your maximum purchase price.

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Mortgage Services offered by Heather Contant Mortgage: Home Purchase Mortgage | Mortgage Pre-approval | Mortgage Refinance | Mortgage Renewal | New To Canada Mortgage | Reverse Mortgage | Commercial Mortgage | Post Divorce Mortgage | Post Separation Mortgage | Second Mortgage

Contact Heather Contant Mortgage serving clients across Vancouver, Squamish, Surrey, British Columbia.