5.2.3 Pre-approval

Before you start looking at real estate, talk to your financial institution about pre-approving a mortgage. Pre-approval means you talk to a mortgage lender before you need the mortgage to see how much you are qualified to borrow and at what rate. This has several advantages:

When you talk to your lender about pre-approval, ask:

Don't rely on a lender to determine what you can afford. Make your own calculations based on your income after taxes and your total expenses. Make sure you have some flexibility so that you can manage other home buying costs, interest rate hikes, maintenance and repair costs, etc.

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