Not all Pre-Approvals are created equally
This past week a purchaser was referred to me who had been “Pre-Approved” at a bank. They were surprised to learn, several days in on their financing condition that, in the end, they were unlikely to be approved by their bank!
Especially if you’re looking to purchase a condo, maintenance fees and property taxes should be factored in to your pre-approval numbers. At RockYourMortgage.ca / RMA, we always include an approx figure for maintenance fees and property taxes in Pre-Approving buyers who want to buy a condo, and we tell them to come back to have the numbers looked at if the actual numbers are different, BEFORE making an offer to purchase!
No one wants to waste their valuable time making an offer on a property if they are unlikely to be approved. It’s especially important in today's hot market that your pre-approval is done right the first time, especially where buyers are frequently going in with firm offers in a multiple bid situation!
Click here to apply online for a mortgage approval/preapproval now: https://rockyourmortgage.mtg-app.com/signup?brokerName=david.grossman&brokerId=97ffb565-6706-4a7e-b4a9-ac8387037307
We offer financing solutions for all types of borrowers.
Prime borrower solutions:
5-Years Fixed Rate, Insured Purchases from 1.6%
Line of Credit (first position) at Prime (2.45%) plus.25% = 2.7%
Alternative Lending:
Self Employed Mortgage from 2.99% (no tax returns or assessments needed)
Reverse Mortgage Rates from 3.39%
(No interest or principle payments required until mortgage becomes due. No maturity date. Must be at least 55 years of age.)
Other:
Non-resident purchase available with Prime Lender available with 35% down
Apartment Building, 5 + residential units - under 2%
Second Mortgage/Line of Credit from 4.8%
Land/Construction
Private & Institutional Money Available
1st and 2nd Mortgages
Call today for a no cost consultation! We look forward to hearing from you!
David Grossman MBA
Mortgage Broker, RMA Lic. 10464
And, Private Equity Specialist/Dealing Representative
Huxton Black
Tel. 416 876 2031