The Importance of Getting Pre Approved for a Mortgage Before Shopping for a Home in Meadowvale or Erin Mills.

Before you start looking for your new house or condominium in Mississauga or anywhere else for that matter, it is important that you get pre approved for a mortgage because you'll know how much you can afford to spend, so you can relax and enjoy shopping for real estate. Another bonus is that when most lenders pre approve you, they will guarantee the lowest interest rate for set period of time (usually 90 days but check with your lender or mortgage broker). This is a great feature because if interest rates go up, you are still guaranteed the lower interest rate and if interest rates go down, then you get the lowest rate that is available at the time. Another point to consider is that as a home buyer, pre approval is free, so by waiting until you actually purchase a house or condominium you may miss out on lower interest rates that were available before.

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Home equity is the difference between the price at which a house or condominium can be sold for and the total debts against it. Taking an average home in Meadowvale or Erin Mills for example, if the house is worth $400,000 and the balance owing on the mortgage is $100,000 then your equity is $300,000.

Most People check thier stocks regularily, when was the last time you checked the value of your home? Contact Jeff Oleary today for a no obligation Assessment!