TORONTO, ONTARIO — (Marketwire) — 02/13/12 — With the busy spring house hunting season only weeks away, BMO Bank of Montreal is recommending house hunters get a head start on planning by getting pre-approved for a mortgage before setting out to lock down the perfect home.
“Whether it-s a buyer-s first mortgage or fifth, getting pre-approved for a mortgage is one of the first things you should do when you decide to buy a home – even before you start your search,” said Laura Parsons, Mortgage Expert, BMO Bank of Montreal. “This will give you a better idea of how much you can borrow, how much home you can afford and what your monthly payments will be. When it comes time to make an offer, you-ll be able to act more quickly knowing that your financing is already in place.”
Ms. Parsons added that if you choose a fixed interest rate, you are guaranteed that rate during the 90-day pre-approval period – keeping you protected if interest rates rise. Furthermore, Ms. Parsons advised prospective home buyers to choose a 25 year amortization, which can save Canadians thousands of dollars in interest rate costs over the life of the mortgage.
BMO offers the following advice to pre-approved house hunters:
Once the mortgage has been pre-approved, many more important decisions need to be made in fairly short order.
Before house hunting begins
Now that you-re on the hunt
Now you-ve found -The One-
Contacts:
Media Contacts:
Jessica Park, Toronto
(416) 867-3996
Sarah Bensadoun, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596