Posted on: 10-01-08 23:56:48
Hi Friends
I'm out in the market, looking to buy first home. Wanted to get a pre-approval, can someone share any good deal/lender they recently came accross, what is considered a good interest rate say fix for 3 or 5 yrs.
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Kind Regards
Shah
If all you need is a pre-approval at this time, you can go to your bank and get a pre-approval.
Ignore the interest rate for now (within reason).
Once you are further along your search and know what amount of mortgage you will be taking on, at that point start shopping with other banks and/or brokers.
Never go for the posted rates of the banks - you can always do better.
Also, keep in mind that interest rates most likely are going to stay at current levels (by and large) or come down in the next little bit.
I don't believe we will have significantly high interest rates in the next couple of years.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Hi Shah, Can u pls let me know how long a preapproval remains valid? And does the bank check with both credit bureaus ur score or not? I do have a very good score with equifax but i dont have a good score with transunion since i just bought a car recently. pls adviced
Quote:
Originally posted by new york
I do have a very good score with equifax but i dont have a good score with transunion since i just bought a car recently. pls adviced
Most major financial institutions / lender use Equifax.
That being said, I'm confused by your statement - i dont have a good score with transunion since i just bought a car recently
Lastly, are you asking Shah for advise. He/Her is seeking advise himself/herself.
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SS
Reiki Grand Master
Quote:
Originally posted by sudesingh
Quote:
Originally posted by new york
I do have a very good score with equifax but i dont have a good score with transunion since i just bought a car recently. pls adviced
Most major financial institutions / lender use Equifax.
That being said, I'm confused by your statement - i dont have a good score with transunion since i just bought a car recently
Maybe the car lease/loan is reported only to transunion, but pretty sure it will show up in equifax sooner or later. And his mortgare amount (eligible amount) will be reduced due to that loan, no matter what, since banks will try to follow the 32% (32 to 40 max) debt to gross income part.
Quote:
Originally posted by new york
Hi Shah, Can u pls let me know how long a preapproval remains valid? And does the bank check with both credit bureaus ur score or not? I do have a very good score with equifax but i dont have a good score with transunion since i just bought a car recently. pls adviced
I think what you're asking is how long the rate you negotiated at the time of pre-approval remains vaild. It can range from 3-6 months and the rate be locked at that rate whether you buy a home today or 5 months from now.
Maybe a mortgage expert can shed some light on this as well.
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Vimal Patel, Realtor
Homelife Royalcorp Real Estate Inc., Brokerage
Cell: 416-887-3745
Office: 905-856-6611
Fax: 905-856-6232
vimal.patel@gmail.com
http://www.vimalpatel.ca" rel="nofollow">LINK
I think what you're asking is how long the rate you negotiated at the time of pre-approval remains vaild. It can range from 3-6 months and the rate be locked at that rate whether you buy a home today or 5 months from now.
Maybe a mortgage expert can shed some light on this as well.
Most of the lenders lock the rate for 90-120 days, but some can lock until 180 days.
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