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Mortgage Preapproval
Hamilton
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Mortgage Preapproval For Hamilton Residents
Are you planning to buy a home in Hamilton and you need to take a mortgage to finance the purchase? Well, have you ever considered a mortgage pre-approval? A mortgage pre-approval in Hamilton can help you secure the best rates from lenders when you are ready to take the mortgage.
Mortgage Offers
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Featured Rates
starting from
6.45%| Term | Rate |
|---|---|
| HELOC | 6.45% (Prime rate) |
| Lender | Rate | Term |
|---|---|---|
 Lendwise |
4.19% | 5 year |
 First National Financial |
4.44% | 4 year |
 RMG Mortgages |
4.44% | 3 year |
 Street Capital Bank |
5.34% | 2 year |
 TD Bank |
4.84% | 1 year |
| Term | Rate |
|---|---|
| 5 year variable | 5.3% (Prime - 1.15%) |
| 3 year variable | 5.6% (Prime - 0.85%) |
| Term | Rate |
|---|---|
| Line of Credit | Starting at 7.2% |
| Equity Loans | Starting at 6.5% |
| Private Mortgages | Starting at 5.99% |
You have questions. We are here to help!
What Is A Mortgage Preapproval?
A mortgage preapproval is an assessment that looks at your financial details to determine the amount you can afford to spend on buying a home. A mortgage pre-approval is done by a mortgage provider. The provider will check your financial status concerning your income, credit score, debts, and down payment. The lender will also estimate how much you can afford to spend on purchasing a home and the mortgage rate that suits your financial status. With a mortgage pre-approval, you can have the best mortgage rates, and you might be shielded from fluctuations in the mortgage rates before purchasing your property.
Do I Need To Compare Rates Before Getting A Mortgage Preapproval?
Before getting a mortgage pre-approval, ensure you compare the rates of different providers, then choose the best rate.
Requirements for a mortgage pre-approval
After comparing different banks for the best rates, apply for a pre-approval at the bank with the best rates. The application process doesn’t take more than 20 minutes online. The provider will request for information about your income, debts, type of property you want to buy and the reason for buying it. The provider might also ask for the following documents:
-
- Photo ID
- Bank statements to verify your down payment
- Recent pay lips or evidence of income
- Proof of other assets such as an automobile
- To get preapproved, search for the best rates in your locality, and then apply for pre-approval.
OUR CUSTOMERS LOVE US
Was looking for a mortgage broker in Toronto. Heard about Leon and his team from a co worker and decided to give them a call. after some time on the phone talking about mortgages and what would work best for me I was VERY impressed. They were polite and most importantly they knew what they were talking about. We then scheduled an appointment and I got my mortgage with a great rate. Definitely recommend.
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
A little while back my wife and I finally decided to stop renting and get a place of our own. After some searching we found a condo we both liked and that was in our price range. The next step was a mortgage, but honestly, neither of us knew too much of what we were getting into. We found Leon and his team after a quick search on google and have had a wonderful experience. Leon and his team of mortgage brokers are VERY knowledgable, polite, work fast and just all around very professional. They answered all our questions and we got a great rate.
Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!
Going through with this company was my best decision. These Burlington mortgage brokers are real professionals. They helped me to save thousands of dollars, I'm not sure I'd find such a good offer myself.
Hamilton Mortgage Frequently Asked Questions
What is a Mortgage Term?
The loan that you make to buy a house or some other property is called a mortgage. The principal refers to the amount borrowed. Each mortgage payment pays off part of the principal plus the interest.
You have custody over the property. However, if you fail to pay the loan and interest according to the terms of the contract, the lender may repossess the property.
What is a Down Payment?
A down payment refers to the money you pay for real estate property. This money is paid upfront and the rest of the cost of your new home is covered by your mortgage. For properties that cost up to $500,000, the minimum down payment in Canada is 5% – however, do take note that your lender may sometimes require a higher down payment.
But what if the cost of the property is more than $500,000? If that is the case then the interest is 5% for the first $500,000 and then 10% for the remainder of the cost.
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