What are the advantages of a pre-approved mortgage?

• It will give you the confidence of knowing exactly what you can spend on a home before you begin looking.
• You will also be protected against interest rate increases for a specific time period.
• Vendors will take your offer more seriously if you’re pre-approved. What do you need to be pre-approved for a mortgage?
• Documents to confirm employment, savings, income and source of down payment.
• Call your bank or lending institution for a specific list of the documents you’ll need. What will most banks or lending institutions offer me?
• Competitive interest rate, with a 60 to 90 day guarantee
• Flexible pre-payment privileges
• Other incentives like cash back programs What does the bank require when I have an accepted offer?
• Any other documents pertaining to your financial situation not provided before.
• A copy of the agreement of purchase and sale / offer
• A copy of the real estate listing
• A copy of the survey

Here are some popular mortgage services:

• Royal Bank
• Bank Of Montreal
• CIBC
• Canada Trust
• Bank of Nova Scotia
• TD Bank
• Canadian Western Bank
• President's Choice Financial