Should I get preapproved for a mortgage before looking at homes in Barrhaven?
Whether to seek a mortgage preapproval before house hunting is a personal decision. The Financial Consumer Agency of Canada says a preapproval process may let a shopper know the maximum amount a lender may lend, and at what interest rate.
What a preapproval process involves
Lenders commonly ask for personal information and supporting documents, and they will likely run a credit check. The agency also notes that a preapproval does not guarantee mortgage approval.
How long a quoted rate may hold
According to the agency, a preapproval may lock in an interest rate for 60 to 130 days, depending on the lender. Different lenders may use different definitions and criteria, so the terms are not identical everywhere.
Where residents can go
The agency says borrowers can get a preapproval from a lender or a mortgage broker, and should compare options. This Barrhaven page is general information only; readers should seek advice applicable to their circumstances from a lender, mortgage broker, or other qualified professional.
Source: Financial Consumer Agency of Canada, Getting preapproved for a mortgage