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Get mortgage interest rate protection

Are you shopping for a house?  If you are, you definitely want to have mortgage interest rate protection.

When you are looking for that perfect property, you want to make sure that you are pre-approved.  And interest rate protection is part of the pre-approval process.

Let's review the steps involved.  Before you go out with your real estate agent to go house shopping, you want to know exactly how much you can spend.  It's no use looking at the $500,000 homes when all you can afford is a $200,000 home.  Getting pre-approved avoids wasting your time and the time of the real estate agent.

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Pre-approval means meeting with your mortgage broker or lender and determining how much house you can afford. The criteria they base it on is how much you earn, how much debt you have, and your credit score. After sorting that out, you will be issued a conditional commitment or offer sheet. It will outline all of the documents that you need to provide to get approved. It may involve T4's, pay stubs, tax Notice of Assessment and proof that you have the necessary cash in the bank to make the downpayment.

Once that is done, you will know exactly how much you can spend on a house, as well as how much your monthly mortgage payments will be.

And this is where the guaranteed interest rate will come into play. Your lender will usually guarantee that your interest rate will be protected for 30-60-90 or 120 days. If the interest rate rises, you will not be affected. If the interest rates drop during this period, you will reap the benefits of the lower rate. Your guaranteed rate, or the lower rate will be pegged one day before closing.

This protection is important because if the interest rates rise, and you are not protected, you may find that you the loan amount that you qualify for no longer applies because your monthly mortgage payments will be higher, so the size of the mortgage must be reduced to fit your budget. It is possible that your maximum affordable mortgage could be thousands of dollars less after an unprotected interest rate spike.

Or this reduction in available financing could very well require you to ante up a larger down payment. If you do not have the additional savings your maximum affordable home price could be reduced.

All Applications are FREE and there is NO OBLIGATION to borrow


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