New to mortgages as this will be our first home. As I understand, first step is to obtain pre-approval from a local bank and then consider "shopping around" for a better rate. Evidently, timing is really poor with the upcoming rate decision on October 24.
- Property value (new build): $1,250,000
- Down-payment: $575,000 (~45%)
- Location: Southwestern Ontario
- Closing date: February 22, 2019 (purchase agreement signed in Spring of 2018)
- Household income: $150,000 (two people)
- Credit score: 750+ for the both of us
- Pending pre-approval with a Big 5 bank for a 4-year fixed rate at 3.57% (rate booking had to wait until October 22 due to the 120-day hold period, paperwork should be complete this week; estimated mortgage amount of $675,000)
- Mortgage amount: $675,000
- Amortization: 25 years
- Debt: No other debt other than ordinary credit card balances (generally < $500 a month)
- Employment: Both full-time, beyond probation period (professional services, in case that is relevant)
If I am understanding correctly, once our pre-approval is finalized (latest end of this week per the bank), the next best course of action is to consider a broker who can see what rates they have to offer?
Thank you very much for the help,