Purchasing a Home
If you are in the market for a new home (whether you are a first time home-buyer, a second or third time home owner or the experienced investor) your first step is to obtain a pre-approval.
When you get the pre-approval, the lender will give you a rate hold which will protect you in case interest rates increase. Rate holds are valid between 90 days to 6 months. If interest rates rise within this time, you will be guaranteed the lower rate that you have held and if rates drop, you will be eligible for the new lower rate.
Pre-approvals also give you more negotiating power when it comes time to make an offer. A pre-approval shows the seller that you are serious and capable of buying the home which is important as they do not want to go through the process of accepting an offer that may fail due to the buyer’s financing. This will also give you a leg up on your competition in the case of multiple offers.
Purchase contracts will often have subjects which require buyers to secure their financing within the next 7 to 10 days. By meeting with your Nova Mortgage Broker ahead of time and going over your options, you will not be rushed into a mortgage product that might not be the best choice for you and your family.