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Mortgage Matters

Time to get moving?

Lately we are finding that many people who have had a pre-approval done are in a hurry to find and purchase a new home. The reason for this is that borrowers do not want to let their ultra low rate expire (6 weeks ago the rate given was around 3.79% while the current average rate is 4.54%) and they don’t want to miss out on the dip in the real estate prices.

What does this mean to you? Well, if you currently have a pre-approval that is soon to expire then you may want to get motivated and find your purchase before it’s too late. If you do not have a pre-approval but are going to need financing soon then you may need to be patient. Due to thousands of pre-approvals recently becoming live deal, many lenders are currently experiencing delays in their under-writing department adding time onto the mortgage process.

Although rates have gone up slightly and financing is taking a little longer, one thing to remember is that this very well could be a good thing because it shows that the downturn might be shorter than originally expected as the market starts to pick up.

Here for all your mortgage finance needs,

 

Stephanie Ostash

250.801.6467

sdostash@shaw.ca

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