REPEAT: Know Your Limits: Mortgage Pre-Approval Gives House Hunters Peace of Mind

BMO offers tips and advice on next steps for pre-approved house hunters

(firmenpresse) - 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

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Bereitgestellt von Benutzer: MARKETWIRE
Datum: 13.02.2012 - 14:00 Uhr
Sprache: Deutsch
News-ID 113805
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TORONTO, ONTARIO

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Commercial & Investment Banking

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"REPEAT: Know Your Limits: Mortgage Pre-Approval Gives House Hunters Peace of Mind"
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