If you snooze you lose...
I recall trying to persuade a new first time buyer to go and get mortgage pre-approval through our Mortgage Broker partner. This buyer had excellent credit, steady employment, and enough down payment to buy with 5% down and still have enough for closing costs. The interest rate was 2.69%. Probably the lowest we had seen in our lifetime for a 5-year mortgage. Well, today the same buyer would get a mortgage for 3.29% that is 0.6% higher. Does not sound like much, but that is a 22% increase over the rate from some time ago and here is the important part: This buyer no longer qualifies to buy the condo that he wants to buy. The price is now just out of his reach.
So, don't snooze before you too could lose by not qualifying in advance. Remember that many banks and financial institutions will hold your rate for up to 120 days and if you are working with our Mortgage Team they will keep you in the loop on how rates are doing while we look for your dream home or condo.
For our preferred buyers we have one financial institution that will provide a 180 day rate hold. To become a preferred buyer Follow this.
To start the process to get pre-qualified for the best Mortgage available CLICK HERE.
To apply for a Mortgage and rate hold CLICK HERE.
Don't wait!! Interest rates could still rise!
If you would like to meet for coffee and chat about the Mortgages and how to find the best deals in homes and condos in the Greater Toronto Area, follow this.