How it works:
We start with a pre-approval where a mortgage application is done, and documentation is requested to confirm details within the application to best prepare for an accepted offer. Once you complete the pre-approval process, we can then determine your max purchase price, and even submit your file to secure a rate hold for you with our lenders. In doing so, this protects you in case rates do rise. That said, if rates drop, or if there are better rate options at the time of an accepted offer, we will proceed with the best lender of choice at that time.
Last week, the five-year Government of Canada bond yield surged, and that means that we are anticipating fixed mortgage rates are on the way up in the near future.
Now would be a great time to consider being pre-approved for a mortgage and “locking” in a rate as this could be one of many signs of future rate increases to come.
We are always available and happy to set you on your way towards your next real estate purchase!