Why Get Pre-Approved for a Mortgage When Rates are Falling?
I received a mortgage update email from one of my trusty mortgage brokers, Ray Mayer, just now and I thought the advice he gave was quite good and might be of interest to you. So I asked Ray if I could share it with you here and he said "NO! ". Just kidding, he said to go ahead and so with no further ado:
While there is no upward pressure on rates at present; 120 day Rate Holds and Approvals are still available and should be taken advantage of (eg. Pre-Sales nearing completion, Pre-Approvals, etc); more for purposes of ensuring that a borrower qualifies for a particular product that presently exists rather than waiting and exposing themselves to potentially more rigid requirements and/or the discontinuance of a particular product or program. Lenders would typically be required to honor those "complied with" approvals/commitments that are in place for the periods that they have been committed for.
We have seen all lenders getting more conservative with their lending policies lately so get pre-approved or pre-qualified and lock in that mortgage product (and the rate).
Thanks Ray for your contribution to the 604homesblog.
If you have any Vancouver real estate questions contact me anytime.
Matthew Collinge: Vancouver REALTOR®
