A mortgage pre-approval is a great way to protect yourself against changing interest rates while shopping for a home.
With the present volatile interest rate environment we're seeing, it's a good idea to get yourself positioned with a rate guarantee for up to 120 days while you shop for a home.
Mortgage pre-approvals and rate guarantees are free of charge and will protect you in the event of increasing interest rates.
During the rate guarantee period, we watch the rates for you on a daily basis. If the rates increase, you will be protected at the rate we get you pre-approved at for the 120 days. However, if the rates go down during this period, we will automatically contact the lender on your behalf and request they lower the rate accordingly. It's a fantastic way to protect yourself against future rate increases but not limit yourself to any rate decreases.
- courtesy KAREN GIBBARD, AMP, BGS