Quote:
Originally Posted by Tor2Ott
Got a letter from Charlesfort a couple of weeks ago indicating my new postponed move-in date of December 10 (top floor). Won't be surprised if they postpone it again. Got a question: when should I start the mortgage process?
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It is generally wise to get a pre-approved mortage amount and rate from a financial institution at least six months prior to purchase. Most lenders will guarantee a rate for six months. If the rates start to go down afterwards, they'll match them, if they rise, your secured at the lower rate.
TD (the bank associated with Hudson Park) is currently offering a 5.99% fixed 5 year rate with 1% cash back, and is guarenteed for a 24 month period. Last year when I signed, it was at 5.44%.