This site uses cookies.

The types of cookies we use, and the way we use them, are explained in our Privacy Policy. By clicking "Accept" or continuing to use our site, you agree to our use of Cookies. More information

Zan Molko
ABR, ASP, ASA, Real Estate Broker

Visit  blog
Visit me on LinkedIn
My videos on YouTube
Visit me on Facebook
Fetured Homes
Toronto Real Estate
Distinctive Homes
Search For Property
Buying Home
Selling Home
Information Center
Important Resources
Client Reports
Personal Information
print version

If you snooze you lose...

About 6 weeks ago, I recall trying to persuade a new first time buyer to go and get mortgage pre-approval through our Mortgage Broker partner. This buyer had excellent credit, steady employment and enough down payment to buy with 5% down and still have enough for closing costs. The interest rate was 2.69%. Probably the lowest we had seen in our lifetime for a 5 year mortgage. Well today the same buyer would get a mortgage for 3.29% that is .6% higher. Does not sound like much, but that is a 22% increase over the rate from 6 weeks ago and here is the important part: This buyer no longer qualifies to buy the condo that he wants to buy. The price is now just out of his reach.
So don't snooze before you too could lose by not qualifying in advance. Remember that many banks and financial institutions will hold your rate for up to 120 days, and if you are working with our Mortgage Team, they will keep you in the loop on how rates are doing while we are looking for your dream home or condo.

For our preferred buyers we have one financial institution that will provide a 180 day rate hold. To become a preferred buyer Follow this

To start the process to get pre-qualified for the best Mortgage available CLICK HERE

To apply for a Mortgage and rate hold CLICK HERE

Don't wait!! Interest rates could still rise!

If you would like to meet for coffee and chat about the Mortgages and how to find the best deals in homes and condos in the Greater Toronto Area, follow this

View more services  
adminlistingsprivacy policycontactsite map