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Mortgage
Pre-Approval Getting a pre-approval for mortgage financing before you start to look for a home is a smart move. A pre-approval assures you of a locked-in mortgage rate for a set period – so there is no risk of any interest rate increases while you are house hunting. Also, with a pre-approval, you’ll get a clear-cut sense of how much you are eligible to borrow. Keep in mind that the property you intend to purchase – along with your supporting information (such as income, down payment and employment history) – has to meet the financial institution's criteria to be approved for lending. Also, a pre-approval is not a guarantee of financing, and does not eliminate the need to make a conditional offer. |
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