Are you waiting too long before securing your mortgage rate? According to a new study done by ING, the answer is YES!
Did you know...
- 40% of Canadian mortgagors surveyed said they secured their mortgage rate just 30 days or less before closing.
- 27% waited until 31-60 days before closing.
- Those who instead locked-in 120 days in advance saved 0.18%--or $1,800 over five years--on average. (Assuming a $200,000 mortgage and 25-year amortization)
Having a pre-approval done right away, even before you start looking for a new home, is one of the easiest ways to save money on interest payments, yet few people take advantage of this.
If you're considering a purchase, call for your pre-approval today!
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The Mortgage Centre