Mortgage Rate Guarantee
A mortgage pre-approval will guarantee today's best rates for 120 days.
A mortgage pre-approval provides you a letter confirming your maximum spending limit and an interest rate guarantee for up to 120 days, even if rates rise in the meantime. This protects you while you shop for a home. If rates should drop before your mortgage funds are advanced, you will automatically receive the lowest rate during the 120 day period or we can reset the pre-approval for a new 120 rate hold at the new lowest rate.
Before you begin shopping for your next home, be sure to acquire a pre-approval certificate from your broker. This will outline all the details of your mortgage including the rate guarantee and what you can afford. Always remember the mortgage pre-approval is not an official approval! You always need to make any offer on a home conditional to financing as the lender must complete the necessary underwriting to confirm your employment, down payment, and property before financing is officially approved.