8 ELM Condos Mortgage Pre-Approval
Get Pre-Approved for a Mortgage
When you're looking to buy new condo at 8 Elm, you need a pre-approved mortgage. Applying for a mortgage pre-approval online can be a great way to start the process.
Simply fill out our online from, and we'll have you on your way to a pre-approval for your new 8 Elm Condo.
Unless you are a lucky few who can simply write a cheque for your new 8 Elm Condo purchase, you would need a pre-approved mortgage to meet the builder’s requirements. A mortgage pre-approval is an important part of the new condo or home buying process, and it is required by most builders. If you are pre-approved, it means that a lender has stated that you qualify for a mortgage loan based on the information you have provided, and subject to certain conditions, and the builder has confidence that when it will be time for the closing of the new condo, everything will proceed smoothly. The pre-approval also lets the builder know that the buyer has the financial means to buy the new condo. A mortgage pre-approval often specifies a term, interest rate and principal amount.
Your new condo would typically take 3 to 4 years to complete. With a pre-approval, you and the builder can have the peace of mind that your new condo purchase has the backing of a financial institution.
With a pre-approval, you would lock in a competitive rate. If you’re offered a special rate at approval, it will remain effective until you close the condo purchase – even if rates go up. If rates go down before your closing date, you may receive the reduced rates.