What is the benefit of getting pre-approved?
A pre-approved mortgage is just like applying for a mortgage when you buy a home. The difference is that it is done ahead of time. Balance Mortgages will take all required information from you to determine how much you can comfortably afford to pay each month and what price range home you can consider.
With a pre-approved mortgage you can shop with confidence, knowing that the biggest hurdle in home buying has been seen to ahead of time. Generally speaking, pre-approval terms and conditions are guaranteed by the financial institution for up to 120 days, giving you the protection of ‘locking in’ a certain mortgage rate should rates climb higher while you look for a home. If interest rates go down, the banks will generally give you the lower rate.