Pre approval lock-in prior to changes

[czapskibusinessgroup]

If I do a pre approval now will that lock me in before the new rules take effect?

I've been contacted by an investment team in Hamilton and didn't realize this was possible. I just wanted to verify before I start the process.

Thank you

Sent from my ONEPLUS A3000 using myREINspace mobile app

 

[Saurabh9204]

Yes, if you get a pre approval done before end of this year it will be valid for next 12 months.

The new mortgage rules starting Jan 1, 2018 won't effect it.


Sent from my iPhone using myREINspace

 

[Vine Group]

Some lenders are offering to fund pre approvals the are approved before Dec 15 this year. Remember, you need to close the purchase within the 120 days of the approval.

 

[Tina Myrvang]

Thank you Vine Group. That does make it more clear. Pre approvals are not good for 12 months, only 4 and that is only for specific lenders. Always ask a professional. Vine Group can be reached at [email protected].