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Pre-approved Mortgages
A pre-approved mortgage is a conditional approval of your mortgage request.
Your pre-approval should be a written contract signed by the lending institution
describing the amount of the loan as well as the rate of interest you will be charged.
In a volatile interest market, it is clearly beneficial and to your advantage to have a
guaranteed rate. If the rates go up, you are guaranteed the rate on your pre-approval,
if the rates go down you receive the lowest rate at closing. Most financial and lending
institutions will guarantee rates for 60 - 120 days.
Important facts about pre-approved mortgage guarantees:
- This is a guarantee from the bank to you, not from you to the bank
- They are usually conditional upon your credit rating, receiving letters of employment
- They may be conditional upon the bank doing an appraisal
- Always read the fine print on the bottom
- All pre-approved mortgages have expiry dates
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About Mulholland/Ross
Mulholland/Ross rank in the top 100 people in the entire Toronto Real Estate Board,
assisting people right across the city. Buying or selling, ultimately, it is your home.
And it's one of the most important choices you'll make for your family and your life!
"We do more than just sell houses… We help people move."
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