Mortgage Pre-Approvals

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  What is a Mortgage Pre-Approval? How do I get Pre-Approved for a Mortgage?
  A Mortgage Pre- Approval is a preliminary estimation by a Lender of how much the Lender will loan you based on very basic information.
  This number is subject to change based on what property you get an accepted offer on and the details of your financial situation. (Do Not Consider this an APPROVAL)

• The advantages to Pre-Approvals include:
• • You know how much you can borrow, so you don't waste time looking at properties you can't afford.
  1. You don't have to worry about rising interest rates while shopping for a home, as usually the mortgage broker will guarantee the current interest rate for 90 - 120 days.
  2. You have an edge when you make an offer, because the seller knows you're more likely to get a Mortgage.
  3. You save time when you apply for your loan because you've already assembled your paperwork.

  Why The Mortgage Pre-Approval may not match the Mortgage You Get!

  A mortgage pre-approval is a basic guideline for the borrower to understand roughly how large of a Mortgage the Lender will qualify you for. Once the Buyer finds their dream home and has an accepted offer subject to financing property they need to forward the offer onto the Lender. The Lender then begins to go over all the details of the property and the Buyers financial situation with a fine tooth comb. This is often where the disparities between the Mortgage Pre-Approval and the actual mortgage approval come to light.

  
  Too Much Debt, Inaccurate Financial Information, Unpaid Taxes, and Leaky Condos

  
  There are certain buildings that Lenders will not lend money on for various reasons i.e. (It’s a leaky condo, it’s not worth what the accepted offer says its worth, there are issues with title). Sometimes the information the Buyer originally provided the Lender is not accurate or out of date (Buyer is behind on their taxes, or doesn’t have as much money as they thought, or may have too much debt). Both of these variables can result in the Buyer either not getting a mortgage at all or not getting as large a mortgage as they had anticipated.

  Mortgage Rates BC strive to take their clients individual mortgage needs and match them with the best Canadian Mortgage Lenders and their Mortgage Product. No matter if you are looking for today’s Discounted Mortgage Rates, are Self Employed, a First time home buyer, Refinancing, Renewing, Switching or have a more challenging Mortgage request such as Private 1st 2nd or 3rd Mortgage, Mortgage Rates BC is here to Help.

Mortgage Solutions

No matter where you live, Mortgage Rates BC can help provide you with the right Mortgage Solution for now and for your future.   Are you looking to Buy your First Home in Vancouver BC or Refinance your current mortgage in Kelowna BC or Consolidate Debt  in Victoria BC we have the tools to get the job done for you no matter where you live.
We have the experience to handle the most difficult residential refinancing too. If you need Private Mortgage Help in Surrey BC or a 2nd Mortgage in Burnaby BC or if you are facing a possible foreclosure in Richmond BC, Mortgage Rates BC has the knowledge to inform you of your options and the lenders that have tailor made solutions to Help.
We are just a click away on our Contact Application or by phone at 778-839-3963. Call or Click today and let us handle your Mortgage request for you and have the peace of mind knowing you have a professional on your side.