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What is a “Rate Hold”

Most of the lenders we work with offer something called a Rate Hold. That means that when you get pre-approved, you’re guaranteed the interest rate at the time of approval for up to 120 days. You’ll be able to house hunt in peace, knowing that regardless of climbing interest rates, your locked into the best possible deal.

Will 120 days be enough? The average Canadian closes on their mortgage within 45 days of pre-approval, so rarely will you require a longer hold than 120 days. If rates drop after you’ve been pre-approved, you can still rest easy since most lenders will offer you the lower rate at the time of closing. As always, we are happy to walk you through each step of the home buying process, keeping you informed and stress-free. Get pre-approved from anywhere in Canada now by clicking HERE