Ontario Home Mortgages

A pre-approved mortgage is a 'conditional' approval of your mortgage request. Your pre-approval mortgage should be a written contract signed by the lending institution, describing the amount of the loan and the rate of interest you will be charged. In a volatile interest market, it is great to have a guaranteed rate. If the rates go up, you are guaranteed the rate on your pre-approval. If the rates go down you receive the lowest rate at closing. Most banks will guarantee rates for 60 - 120 days.

 
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