Posts in category: Commercial Mortgages

When you apply for a mortgage loan, there’s no guarantee that it will be accepted. So, you need to prepare in case your mortgage loan application gets denied. And with this guide, you can hopefully figure out what your next steps would be if your application was rejected. 

Identify the Reason for the Rejection

If your application is rejected, the lender will send a letter explaining why. They may give you an estimate of how long you have to fix the situation before your application will be considered again. In some cases, your mortgage loan application may be denied due to an irregularity in your credit report. If that’s the case, your credit report will be ordered to identify the problem.

If there is a problem, such as an unpaid bill or loan, or past due tax payment, you will be given a chance to make it right. If there are errors on your credit report, you should contact the service that provided it to identify the problem and make corrections.

Even if your application gets denied, you can still check your credit report for errors.

Apply for a Different Loan

If your mortgage application is denied, you may be able to find another solution. If you’ve already got another loan in progress, you may be able to refinance it to get a better interest rate. Or you may be able to find a less expensive home that you can still afford.

If you’re trying to get a new mortgage loan, you can take the time to get your finances in order and reapply. If you have an irregularity on your credit report, you can choose to wait until you get your credit report back and try to make the necessary corrections.

If you’re applying for a fixed-rate loan, you can reapply once your credit score and other financial numbers are back in a range the lender is satisfied with.

Take Action to Get Your Finances in Order

If your application is rejected because your finances aren’t in order, you’ll have to work on them before you reapply. You might be asked to pay down your debt, address bill or loan payments you’re currently ignoring, or get your savings account up to a certain level.

This will require you to work on your finances and make the necessary changes.

If you have a hard time paying your current bills, you may want to consider working with a credit counsellor. If you have unpaid bills, you can use a service like National Debt Relief to negotiate and consolidate your bills into one to make it easier to pay. If you have high-interest rate credit cards, you can work with a card consolidation company to get better rates and make it easier to pay off your debt.

A small change to your finances can make a big difference to your credit. And it can help you get a mortgage loan that you can afford.

Final Thoughts

As you can see, there are many reasons why your mortgage loan application could be rejected. But it’s not the end of the road. You just need to identify the problem and address it. You can work on your finances, wait for your credit report to be corrected, or search for a different home loan. If you can make the necessary changes, you could end up with a mortgage that you can afford.​

Finance your home now with the help of Ottawa Mortgage Services. We are a mortgage agent in Ottawa that provides services for first-time homebuyers, self-employed individuals, and commercial clients. We are actively involved in the mortgage industry and have a great deal of experience preparing mortgages, dealing with lenders and negotiating all aspects of mortgage underwriting. Apply now!

The home buying journey can seem quite simple, but it is important to understand the process and the terminology used along the way. By becoming more familiar with the mortgage home-buying process, you can purchase the home of your dreams, using the correct terminology and getting the best interest rates and mortgage rates possible. 

With that in mind, there are two terms you need to clarify before moving forward with your home buying journey: pre-qualification and pre-approval. 

Prequalification and pre-approval are letters provided by mortgage lenders and financial institutions to show that your mortgage application is being reviewed and evaluated by the mortgage lender. Unfortunately, many home buyers often interchange the two. 

Mortgage Prequalification vs Pre-Approval: What’s the Difference?

What is Prequalification?

Prequalification is the phase of the mortgage process where the home buyer submits to the lender documents that are required for the mortgage lender to conduct a preliminary review of the home buyer’s credit history, income, employment and assets. 

During this phase, the home buyer does not provide documents regarding the property that they intend to purchase. The borrower simply tells the lender how much they are wishing to borrow, and how they plan to use the funds. 

The lender then evaluates the borrower’s income, debt, and credit information and provides an estimate of how much they would be able to borrow based on their financial situation.

In general, homebuyers should know how much they can afford to borrow before they wish to purchase a property. A mortgage prequalification determines how much the lender thinks they can lend. 

The prequalification really is only an opinion of the lender and is not a final decision of the amount the lender will allow.

What is Pre-Approval?

Pre-approval is the phase of the home buying process where the home lender actually evaluates the borrower’s credit, income, and financial information to determine if the borrower qualifies for a specific loan, the loan amount, and the interest rate. 

The lender will then provide to the borrower a conditional commitment letter (“pre-approval”) that states the amount that the borrower can borrow and the interest rate for the loan. 

As part of the pre-approval process, the borrower must submit to the lender any documents regarding the property that they desire to purchase, and the lender then conducts a more thorough review of the buyer’s financial situation. 

The lender will examine the appraisal of the property, and verify that the buyer’s income and assets are sufficient to pay for the purchase, and still meet the debt-to-income ratio requirements.

Why You Need Both Prequalification and Pre-Approval

During the home buying process, pre-qualification and pre-approval are both very important because they can provide the following benefits:

Pre-Qualification

• Helps determine if you can afford to buy a property or not;
• Establishes a price range for homes that you can afford;
• Identifies properties that you can afford;
• Gives you a sense of how much home you can afford;
• Helps you find homes that are within your buying budget;
• Helps you find a lender that meets your needs and requirements;

Pre-Approval

• Helps you evaluate and negotiate with the seller;
• Provides you with a benchmark for interest rates;
• Establishes a preliminary agreement between the seller and buyer;
• Helps a seller determine if you are a serious buyer.

The Bottom Line: Know the Difference Between the Prequalification and Pre-Approval in the Mortgage Process

Both pre-qualification and pre-approval are important stages of the mortgage process. Pre-qualification can be described as a pre-opinion, where the lender helps you understand how much money you can borrow. Pre-approval is confirmation, where the lender verifies your ability to borrow the amount of money that you desire.

By understanding the difference between these two terms, and what to expect from each phase, you can be well on your way to purchasing the home of your dreams.

How Can We Help You?

Finding and buying a home can be tricky, especially when you put your finances into the picture. Fortunately, with the help of Ottawa Mortgage Services, buying your home for the first time won’t be such a pain. 

Our expert mortgage agent in Ottawa Mortgage Services helps first-time homebuyers discover the different possibilities in home buying, get pre-approval letters, obtain assistance for refinancing, offer debt consolidation, and more. Looking for a mortgage? Apply for one today!

Mortgage refinancing can be such a great option in Canada, as there’s the possibility of saving a considerable amount every year on your mortgage payments via one big payment each month if you play your cards right. Many homeowners take advantage of this opportunity once their mortgage terms are over and the opportunity to do so arises.

However, there are some important considerations you’ll have to make when thinking of refinancing your mortgage. It’s best to ask yourself and a mortgage service many questions to clarify how you should approach refinancing your mortgage.

Here are some key considerations to note for your mortgage refinancing.

1) Credit Score

Credit scores can make a huge difference in getting approval for mortgage refinances. If you have a low credit score, it will potentially be more difficult to get a mortgage refinancing deal that you’ll be happy with.

Lenders will study your credit report and history to see if you’re eligible for a mortgage refinance. Each lender will have their own ways of gauging and confirming an applicant’s eligibility. It’s best to determine what the ideal score is and work your way towards that.

2) Home Equity

If you have a lot of equity in your home, you are a more desirable candidate for a mortgage refinance deal. However, if your situation is the opposite, you should probably think of other ways to save money that’ll allow you to shoulder refinancing.

Some Canadian homeowners like to downsize their home or add a suite to it to increase their home equity. You can try to refinance the mortgage with another lender but take their potential approval into consideration.

3) Interest Rates

Interest rates play a large role in obtaining a mortgage refinance. Generally, the lower the rate, the better it is for you. If the rates are too high when you want to get into refinancing, then you should hold off or strike a bargain.

Remember that there will be multiple interest rates that you would need to assess. Your current payments, the new expenses you’ll be making, and how long it will take you to pay off your mortgage are all key factors when it comes to refinancing your mortgage.

4) Refinancing Rates

Speaking of rates, you’ll also want to soberly assess the refinancing rates. If you want to decrease your monthly payments, then you’ll need to assess if the prices are reasonable enough for you to handle.

Ultimately, the goal is to get a mortgage to refinance with a better rate than your current mortgage, and then you’ll save money on your final deal. Refinancing rates are often lower than your actual mortgage rates when dealing with the right lender.

5) Mortgage Options

There are plenty of mortgage options to choose from when it comes to refinancing. You’ll want to be especially careful and consider all of them, as there’s a lot that’s at stake – your money, your home, and your credit.

The main mortgage options to consider are breaking your mortgage into shorter terms or turning it into one big monthly payment. The latter is more common in mortgage refinancing, as it’s the best option to make one huge payment that saves you the most money.

Conclusion

If you’re thinking of refinancing your mortgage in Canada, then you should think of what you stand to gain and lose. By doing an assessment and discussion, you get to consider what would be the most beneficial for you.

Looking for the best refinance rates in Ottawa? Ottawa Mortgage Services provides mortgage agent services to residents and commercial clients who need refinancing, debt consolidation and more. Contact us today!

When we purchase a home, there is always a lot of paperwork involved. But let’s face it, most of us don’t enjoy that part. However, all the documents we fill out are immensely important. For example, one of the most important forms you’ll need is the pre-approval letter when applying for a mortgage. It tells the mortgage company about your financial situation and makes for a smoother process.

What Is a Pre-Approval Letter?

Basically, a pre-approval letter is a letter lenders give to the potential homebuyer in advance. It’s a pre-approval of the final mortgage amount that the lender can give. This letter highlights how much money a potential homebuyer can get based on their income and assets, among other things. It helps homebuyers figure out how much they can spend on a home once they buy it.

How the Amount is Determined for a Pre-Approval Letter

The amount of a pre-approval letter is based on the borrower’s income, assets, and other factors. Things like your credit score, ability to pay the mortgage, or your occupation will all be taken into consideration. 

Pre-approval amounts can vary depending on the lender and the type of loan. Typically, a pre-approval letter will be in the ballpark of the amount of the mortgage loan that you’ll be getting.

Why Is It Important to Have a Pre-approval Letter?

Pre-approval letters make it easier to complete the financial aspects of purchasing a home. The letter establishes the borrower’s creditworthiness and shows the lender that they’re a good candidate for the loan. It also helps you figure out how much you can spend on a home.

When a buyer has a lot of stress weighing on them, pre-approval letters can help by giving them a clear idea of what their financial situation is.

How to Get Pre-Approved for a Mortgage

Here are some steps to get pre-approved for a mortgage:

• Contact a few lenders to see who will give you the best rates and options for your mortgage.
• Get pre-qualified for a mortgage.
• Once you get pre-approved, the lender will let you know what your maximum mortgage amount will be.
• Discuss the mortgage options with your real estate agent.
• Pick a home and make an offer. (The lender will ask for a copy of your pre-approval letter).

If you’re pre-approved for a mortgage, there are some things you need to know. Once you’re pre-approved for a mortgage, you still have to apply for the mortgage. You’re only pre-approved because this pre-approval is subject to a number of factors. Your offer price, the appraised value of your home, or any other conditions may affect your approval.

Also, make sure that you don’t sign anything where you agree to borrow more than you’re pre-approved for. You can’t sell your home for more than the assessed value.

Get Pre-Approved Today

Getting pre-approved for a mortgage is a great way to ensure that you can afford the home you want to buy. The pre-approval letter shows the mortgage lender that you’re a good candidate for the loan and helps you determine how much you can spend on a home. Pre-approval letters can be really helpful when you’re buying a home! 

Let us help you with your mortgage pre-approval letter in Ottawa. Here at Ottawa Mortgage Services, we provide our services to first-time homebuyers, self-employed individuals, and commercial clients. Get in touch with us!

If you have a mortgage, you are pretty concerned about interest rates! Mortgages grow more costly when interest rates rise. It becomes considerably simpler to keep up with a mortgage when interest rates fall. The issue is that you’re not only buying a mortgage based on today’s rate; your mortgage will be susceptible to changing interest rates over time, often spanning decades.

As a result, it’s critical to understand if mortgage rates in Canada are rising or falling. This is a complicated issue to address; however, we can discuss a few points that may be helpful. In this post, we’ll discuss mortgage rates, but many of the same laws apply to other forms of interest rates, so we’ll use the words interchangeably.

How to Tell Whether Interest Rates Are Rising or Falling

It’s impossible to predict whether interest rates will climb or fall, but there are techniques to make educated predictions. Understanding the status of the national economy, the global economy, and your present social and political situations can help you predict whether mortgage rates will climb or decline.

We understand that seems complicated, so don’t worry. We’ve discussed some of the primary variables that influence interest rates, as well as what to look for in each one, below. Consider each of the indicators listed below to determine if mortgage rates are growing or lowering.

How banks set mortgage rates (the cost of lending)

One of the main things you’ll hear about today is the cost of lending. This isn’t an abstract concept, but it’s not something that’s easy to understand either.

The cost of lending is the amount of money a bank has to make to keep itself afloat. It’s a massive part of what makes lending possible, and it’s no mystery why banks want to make lots of money in this regard.

Economic conditions 

In theory, the national economy dictates how many people have jobs, how much money they make, and how much money people can spend on homes. If the economy is good, more people have jobs, so people can afford to buy more homes.

Similarly, the economy sets the tone for how many people are looking to put their money in banks to earn interest. The more people that want to make the most of their money, the more competition they make for banks to get their money.

Because the national economy can give a sense of how much money is going around, we may predict how many people will want to invest. The more people are interested in investing, the more competition there is for banks to loan money, and the more that bank rate will rise.

The Impact of Rare Events

Rare events are unlikely to happen and will significantly impact the economy if they happen. Because of this, we can’t accurately predict whether a rare event will happen.

This is why interest rates are so tricky. If a major disaster hits, interest rates could fall through the floor for years. Interest rates can take off if the stock market crashes and the economy is thrown into a free fall.

Competition Between Banks

Banks don’t want to be the only bank lending money for their interest rates to be one percent per year less than their competitors. They have to have a competitive interest rate to make money.

Furthermore, banks want to be competitive with foreign banks. If the Canadian dollar is weak, it’s harder for Canadian banks to compete with foreign banks.

Conclusion

It’s virtually impossible to know whether interest rates will rise or fall based on the current landscape. It’s possible to get a sense of how interest rates might climb or fall in the future; however, you should always consider the impact of rare events.

Ottawa Mortgage Services provides mortgage agent services for first-time homebuyers, self-employed individuals, commercial clients, and more. We also help clients with refinancing, pre-approvals, and debt consolidation. If you’re a first-time home buyer in Ottawa, we can help you find the right mortgage in the right neighbourhood. Get in touch with us today and let us know how we can help!

Finally making up your mind to get a home can be quite a loaded decision, especially since the home buying process can be rather complex. For a number of people exploring the housing market for the first time, it can be a completely foreign experience with a vocabulary that you may not totally grasp. 

One aspect of home buying that you should learn a little bit more about is the mortgage loans that you’re going to borrow. Taking out this lump sum of money will help you acquire a home that you can call your own.

There are a variety of terminologies within this borrowing stage that you need to know about, such as the mortgage pre-qualification, pre-approval, and more. Continue reading to learn more about what these terms mean to be more informed about the process.

Mortgage Pre-Qualification

Mortgage pre-qualification is the first thing you would have to obtain in the home-buying process. This is commonly confused with mortgage pre-approvals, but a pre-qualification is a quicker process that doesn’t take into account your credit rating.

Instead, consider it as a quick simulation of discussing the mortgage loan you’re going to take out. A mortgage agent can help you discuss and gain a better understanding of the current mortgage rates and options that you will face in the future. 

Mortgage Pre-Approval

A mortgage pre-approval is usually one of the lengthier periods of borrowing a loan, as it involves a more in-depth look at your financial situation and capabilities. Expect to have specific documentation required as proof of your identity, income and assets. It can take a couple of days as there is a verification process.

Once you are granted mortgage pre-approval in the future, it will usually remain as is for about  60 to 120 days. Be sure to clarify the terms with them to know how long you have to find a home. Extensions can be negotiated, but documentation may require a resubmission, though it will be subject to your financial situation’s stability.

Mortgage Rate Guarantee

A mortgage rate guarantee is what buyers may get during pre-approval, though they aren’t given by every service. Most homeowners may like this more, though, as there’s a period of protection from increased rates when the market shifts.

The protection’s length of time can depend on a mortgage agent’s disclosure and negotiation with you. This should typically be accompanied by a conditional commitment during the mortgage pre-approval so that you get a sense of the expected total loan amount.

Mortgage Rate Holds

A mortgage rate hold is similar to a rate guarantee that it locks in the mortgage rates, but this is specific to fixed mortgage loans, unlike variable ones that may fluctuate and depend on the market more. This can be beneficial if you seek to get constantly lower mortgage rates.

Keep in mind that acquiring a mortgage rate hold can be slightly different depending on who you’re dealing with. Some may aim to lock in a variety of different mortgage rates, while others will monitor the market to maximize your rate hold. Work with a reliable mortgage agent. 

Conclusion

By reading this guide, you should have a better understanding of what different aspects of the mortgage borrowing process will entail. Be sure to stay on your toes and keep up with the speed of the market so that you can get your dream home soon. 

Looking for mortgage services in Ottawa? Ottawa Mortgage Services offers mortgage agent services for first-time homebuyers, self-employed individuals and commercial clients. Get in touch with us now!

The current COVID-19 economic crisis has reshaped how people deal with their finances. Case in point: Canadian graduates who once used college loans before financing a home are now forced to manage a student loan and home mortgage. While it may seem ideal, these may be burdens too great to bear fresh out of college.

Can an individual handle a mortgage and student loan simultaneously without the help of Ottawa mortgage services? Read more to find out!

Mortgage Structure

The amount you can borrow and accompanying interest rate are dependent on the following factors that compose a mortgage:

• Income: Lenders and financial institutions must determine your gross income to see if you can afford a loan. This due diligence protects their investment from late payments, non-payments, and possible defaulting.
• Debt-to-Income Ratio: Lenders will also screen this to know further if you can take on another loan when you already have one or two in place. It ensures your income can take the monthly installments without depriving you of finances for your basic needs.
• Credit Score: Your credit rating indicates to lenders that you’re good for the cash you plan on borrowing. How punctual your payments are can affect your credit score. If you miss out on one month without paying your mortgage, that translates to higher interest, higher monthly installment, or a decline in your loan application. 

In a nutshell, you’ll get lousy loan conditions if you don’t pay on time, including some of the best mortgage terms if you fail to repay promptly every month.

These structures apply to a mortgage and student loan, so individuals can still live within their means while paying off any remaining debts. 

Next, we will see how possible it is to manage two loans simultaneously based on the same structures above.

How to Juggle Your Home and Student Loan

There are three simple steps to handling two loans at once:

• Repay Other Unrelated Loans: It is of the utmost importance to prioritize when it comes to mortgages. There are loans you must take on, while others you can truly live without.

Case in point: credit card debt and personal loans. There is no need to partake in the plastic economy or borrow cash for bare necessities since it is well within your capability to budget correctly and pay only for what you need to survive. Indeed, dealing with mortgage services is more important than buying the latest gadget.

This also lessens your debt-to-income ratio, leaving you with more breathing room to take on a home loan.

• Regularly Pay Your Student Loan: Once your other debts are squared away, you can apportion more of your income to paying off your student loans and handling a mortgage. 

Remember what we discussed about credit scores earlier? Early, consistent payments improve your credit rating since lenders also look at your track record as part of the screening process. If they see you’ve been paying punctually, it shows responsibility and could improve your chances of getting a home loan.

• Apply for Pre-Approval: You can also apply for pre-approval as a buffer for taking on a mortgage with your student loan. You should keep paying off your student debt to show that you are responsible enough to handle additional loans. Pre-approvals usually offer you a suitable mortgage amount you can borrow and their interest rate.

Conclusion

The answer to the question, “how do you take on a student loan and mortgage at the same time?” is, “with great responsibility.” First things first: make on-time repayments for your student loan to boost your credit score and show lenders you can handle another loan. Live simply as well, so you are well within your budget to pay off both and finance your essentials.

But if you genuinely need help getting your affairs in order, don’t hesitate to reach out to Ottawa Mortgage Services. We provide mortgage agent services for first-time homebuyers, self-employed individuals, and commercial clients and assist you with refinancing, pre-approvals, and debt consolidation. Apply now!

When you’re self-employed, securing a mortgage can seem daunting at first. It won’t be a typical path you’ll take, but with the help of a skilled mortgage agent and the correct plan, it can be as simple as it gets.

If you’re self-employed, it simply indicates you’re not on a traditional employee payroll, which deducts CPP/EI and income tax every two weeks. Alternatively, you may operate a company and pay yourself a salary, but your wage is contingent on your company earning enough money to pay you.

While securing a mortgage as a self-employed person can be difficult, it is feasible. A dependable mortgage agent can provide related services to guide you on the right practices you should follow. If you’re not ready to commit to an agent yet, below are some useful ways that you can get financing for your mortgage. 

You Can Qualify for a Mortgage with Prime Mortgages

This is calculated using your actual earnings. You may be able to qualify for a mortgage based on how much you actually make provided you have strong credit, manage your debt well, and have at least a 12-month credit history.

Check to see if you’ve paid yourself, stated enough income for the past two years, and submitted your taxes. This is essential to obtaining a Prime Mortgage (A-Lender mortgage). Also, you owe no money to the CRA and are current on all payments.

You Can Qualify for a Mortgage with Stated Income

When you have a solid gross income but have expenses that bring your income below what you need to qualify under the 5x rule, a Stated Income mortgage can help. To qualify for a Stated Income mortgage, lenders add your gross and net incomes together to create an Income Reasonability number.

You Can Get Financing through Alternative Lenders

If you have terrible credit and are self-employed, working with an Alternative Lender (B-Lender) is a possibility. It’s also a good option if you don’t make enough money to qualify the usual way or through stated income.

Because the contracts are usually fixed for one to three years, this type is good as a short-term solution. You’ll be able to work up your finances and credit during this time and then move on to a more regular mortgage after that.

You Can Opt for Credit Union Financing

If you’re self-employed, credit union financing may be the best solution for you. Consider credit unions as a bridge between traditional lenders and alternative lenders. Credit unions are willing to lend on houses worth more than $1 million and do not levy fees. Their interest rates, however, are higher.

You Can Consider Private Lending

After you’ve explored all other options, private mortgages should be your very last resort. It’s advisable to use these only in an emergency. A private lender’s primary purpose is to make money. They are unconcerned with your earnings, taxes, or debt, so they’ll charge you a lot of money for lending, and they’ll be able to close swiftly if you have an emergency.

Conclusion

Speaking with a mortgage agent first is best if you’re self-employed and want to buy a house or condo. It will be best if you can find a fantastic team of mortgage agents and brokers who specialize in self-employed people and are well-versed in all types of lenders. They can help you find the ideal option for your specific situation.

If you’re self-employed and a first-time home buyer in Ottawa, you can trust Ottawa Mortgage Services to guide you through every step of the home-buying process. We are best in providing mortgage agent services for first-time homebuyers, self-employed individuals, and commercial clients. You can also depend on us if you need help with refinancing, pre-approvals, and debt consolidation. Book us for a consultation today!

Fixed mortgage rates are continuously witnessing hikes from banks and lenders in the past months. Experts predict this to go on for the next years, but alarms are being raised for its potential to occur sooner than what has been expected. 

A mortgage preapproval may help you with this situation. In this article, we will discuss its importance amidst the rising mortgage rates. Read on. 

Interest Rates

The hike in interest rates heavily affects mortgage preapprovals. A mortgage preapproval gives you an estimate of the lender’s borrowing power and offers you an interest rate hold for a maximum of 120 days in most cases. When rates were either steady or declining, people did not pay much attention to their preapproval rates. However, this preapproval price has become a considerable factor in these times of rate hikes. 

A rate increase may favour you if you obtain preapproval for a fixed-rate mortgage. This is because your lender will honour the preapproval rate as long your mortgage funds remain valid during preapproval. 

Property buyers with preapproved fixed rates are able to complete their purchases more quickly and seamlessly compared to those with uninsured mortgages. 

Variable-Rate Mortgages

Getting preapproval for variable-rate mortgages can still be beneficial for you. Your rate will be expressed as a discount to your lender’s prime rate. 

Do not hesitate to take advantage of this option since variable-rate mortgages can be easily obtained these days. Although the payment will be affected by a change to the prime rate in most cases, there are also lenders that offer this type of mortgage that keeps the payment constant regardless of any change. 

This option ensures that you have enough cash flow until your renewal date and that more money can go to the interest instead of the principal when rates rise. Variable-rate mortgages are becoming more popular among home buyers and owners who are keen on maintaining their cash flows. 

The Benefits of Mortgage Preapproval

• You can have protection against higher rates. If rates fall, you are still considered a free agent and benefit from the lower rates.

• You are made aware of your borrowing power. This helps you be more prepared for expenses you may need to purchase a home.

• Your credit will be checked for the process. This is not always done, so it’s best to ask your lender or mortgage agent. While this process does not guarantee approval, it is still an excellent opportunity to gauge if the numbers on your credit report match the property you are eyeing. After all, you do not want to be disappointed in the end when you find out you have been looking into a property that is beyond your budget. 

Conclusion

Not a lot of bankers and brokers offer mortgage preapprovals. They often view this process as a waste of effort and time since market rates can be tricky at varying times. 

However, a mortgage preapproval can bring tons of benefits to make your property purchase a success. This is why we recommend choosing agents who can help you with a mortgage preapproval, especially now that rates increase now and then. Having as many options as possible when purchasing a property is what you should aim for.

If you are on the lookout for mortgage services in Ottawa, turn to Ottawa Mortgage Services. We provide mortgage agent services for first-time homebuyers, self-employed individuals, and commercial clients. Apply now!