{"id":14960,"date":"2017-11-23T01:00:46","date_gmt":"2017-11-23T06:00:46","guid":{"rendered":"http:\/\/www.zoocasa.com\/blog\/?p=14960"},"modified":"2017-11-13T10:58:45","modified_gmt":"2017-11-13T15:58:45","slug":"what-if-i-dont-use-my-mortgage-pre-approval","status":"publish","type":"post","link":"https:\/\/www.zoocasa.com\/blog\/what-if-i-dont-use-my-mortgage-pre-approval\/","title":{"rendered":"What If I Don\u2019t Use My Mortgage Pre-Approval?"},"content":{"rendered":"

When the home hunting bug strikes, the first thing most would-be home buyers do is look up online real estate listings in their ideal neighbourhood. After getting over the initial sticker shock of home prices and adjusting your search criteria to find homes you think are in your budget, the next step is to contact a real estate agent and set up viewings\u2014right?<\/p>\n

Wrong! There\u2019s one crucial step missing in this scenario\u2014and that\u2019s getting a mortgage pre-approval<\/a>.<\/p>\n

What is a Mortgage Pre-Approval?<\/h2>\n

A mortgage pre-approval is when a lender has reviewed your finances and\u2014based on the information you provided about your assets, income, down payment amount and debt service ratios\u2014has decided that you qualify for a specific purchase price and mortgage amount at a certain mortgage interest rate.<\/p>\n

Getting a mortgage pre-approval is a key step to take before you contact a real estate agent and begin viewing homes because it will give you a realistic idea of how much home you can afford.<\/p>\n

Obtaining a mortgage pre-approval will also raise any potential red flags before you fall in love with your dream home. For example, if there\u2019s an issue with your credit report, wouldn\u2019t you rather find out before you start house hunting seriously? Getting a pre-approval ahead of time allows you to sort out any mistakes or misunderstandings without offer deadlines or bidding wars hanging over your head.<\/p>\n

A Pre-Approval Doesn\u2019t Lock You In<\/h2>\n

Getting a mortgage pre-approval doesn\u2019t mean you\u2019re required to stick with that lender. A pre-approval does not come with any conditions, and you should feel free to shop around at multiple lenders to see if you can secure a lower mortgage rate. If you plan to go this route, consider using a mortgage broker who can shop your information around to multiple lenders and secure the best rate.<\/p>\n

A Rate Hold Is Your Next Step<\/h2>\n

Once you receive your pre-approval, you should ask for a rate hold. A rate hold locks in the lender\u2019s interest rate. If rates rise, you\u2019re still entitled to that low rate if it\u2019s a fixed-rate mortgage. If you get pre-approved for a variable-rate mortgage, the discount to the prime rate remains the same.<\/p>\n

If rates drop, you can renegotiate and obtain a lower rate. Rate holds last for various lengths of time, usually between 30 and 120 days. If you can, get a rate hold for 120 days. That will give you enough time to start home hunting, submit your offer, and close on a home before the rate hold expires.<\/p>\n

If you start house hunting and determine that you aren\u2019t ready to buy a home yet or if you can\u2019t find the home of your dreams, you aren\u2019t required to use your mortgage pre-approval. A mortgage pre-approval is different from a formal mortgage application and since it doesn\u2019t guarantee you a mortgage, you have no obligation to use it.<\/p>\n

If you\u2019re curious about obtaining a mortgage pre-approval, but you aren\u2019t ready to contact a lender or mortgage broker just yet, you can use a mortgage approval calculator<\/a> for some quick insight into how much home you can afford.<\/p>\n

Ratehub.ca is a website that compares <\/em>mortgage rates<\/em><\/a>,<\/em>\u00a0<\/em>credit cards<\/em><\/a>,<\/em> high-interest savings accounts<\/em><\/a>, <\/em>chequing accounts<\/em><\/a>, and <\/em>insurance<\/em><\/a> with the goal to empower Canadians to search smarter and save money.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

When the home hunting bug strikes, the first thing most would-be home buyers do is look up online real estate listings in their ideal neighbourhood. After getting over the initial sticker shock of home prices and adjusting your search criteria to find homes you think are in your budget, the next step is to contact […]<\/p>\n","protected":false},"author":42,"featured_media":14962,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[487,468],"tags":[],"class_list":["post-14960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-guest-posts","category-mortgages-2"],"yoast_head":"\nWhat If I Don\u2019t Use My Mortgage Pre-Approval? | Zoocasa Life<\/title>\n<meta name=\"description\" content=\"Getting a mortgage pre-approval is the first step before starting your house hunt - but just because you've scored a rate doesn't mean you have to...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zoocasa.com\/blog\/what-if-i-dont-use-my-mortgage-pre-approval\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What If I Don\u2019t Use My Mortgage Pre-Approval? 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