Mortage Pre-approval

Get a mortgage pre-qualification

Before you go shopping, know your purchasing limit! Before you go looking for a home, you need to establish the price you can afford. It could be more or less than you think. It will all depend on what the lender will want to lend you, based on your income and the amount of your current down payment or that you might find. Getting your prequalification before looking for a house means saving time, energy and frustration. Plus, it's free!

Prequalification:

• Determine how much you can pay for your home.
  Prequalification will allow you to buy a bigger house than you thought you could or you will be disappointed at not being able to buy it as big as you would have liked.
• Determine the amount of capital required to buy your home.
  You will know approximately how much money you will need for the down payment and the closing costs of the contract.
• You will know the amount of your monthly payments.
  You will have a good idea of the monthly disbursements for principal, interest, taxes and insurance.
• You will learn about funding programs that can meet your needs.
  With the range of loan programs currently available, it is important that you know which ones are right for you and your needs.

At this point, the mortgage broker can also help you find options and strategies to help you buy the house of your dreams. It could be:

• special program for the buyer
• minimum cash out programs
• financing a mortgage co-debtor
• help for debt consolidation

For your prequalification, the mortgage advisor will need to know:

• your employment history and your income
• monthly payments for your obligations and debts
• amount and sources of cash available for down payment and closing of the contract

FIXED RATE

Current rates as of
Mortgage product	Posted rates
5 years variable	6.70 % *	5.75 %
1 year	6,79 %	5,99 %
2 years	6,59 %	5,74 %
3 years	6,44 %	5,19 %
4 years	6,34 %	5,14 %
5 years	6,34 %	4,79 %
6 years
7 years	7,00 %	5,39 %
10 years	7,49 %	5,89 %
*Represents the Prime Rate. Some conditions apply, subject to change without prior notice.