Its a very good idea to get pre-approved before looking for your new home. Just make sure that you purchase your property within 90-120 days from the pre-approval or it will be expired. Also if you want the best rate then you have to close within 30 days from the moment you receive your pre-approval.

Pre-approvals do 2 things for you. Ist they get you a held rate to protect you from increases in the mortgage rates. 2nd they let you know that the bank is behind you when you find your property and how much they are willing to give you. Both ways you benefit from the pre-approval so do it today.

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Hi! i had a great response for my last question so i thought i'd ask another... i'm from toronto, canada and i was thinking of buying a rental condo in a ski/summer resort in northern ontario (blue mountain). i've looked at getting rental property in toronto but its a huge glut of condos now. what's the rental demand up there? are there lots of problems with renters? is global warming a big issue? are there any problems with intrawest as property managers? any guidance is greatly appreciated!!

As long as you have a reputable property management company, you should have no problems. It is a wise investment. Hope this helps! ;)