Hello Ken, You can get multiple pre-approvals from various lenders. When you are shopping around for your mortgage and arranging meetings with each bank, they will each perform a pre-approval after taking your info and doing a credit check. The problem with multiple pre-approvals each time a new credit check is performed it will adversely affect your credit score, not by much but it still will affect it. Plus each of the lenders will know you have been shopping them around as well. The benefit of a Mortgage Agent in this specific case is two fold. The running around and arranging meetings with each bank is avoided as we can negotiate with all our available lenders on your behalf. Secondly one credit check is performed and that credit check is forwarded to each lender for their review. The lenders want us to send our client their way so they are always adjusting their rates and programs to attract our clients to them. We get the best rate available upfront and even lower rates when we do volume with the lenders so our rates tend to be better than what your current Bank can offer. There are also mortgage companies that have programs equivalent to the big 5 banks but have much lower rates. What do the big 5 banks do for you on your mortgage business anyway? Each and every month a mortgage payment gets taken out of your account and there is no real benefit to the client where the mortgage is, the real benefit comes in the amount of interest you are paying your lender each month to borrow their money. My point is if one of the big 5 banks can give you a great rate that is fantastic, but there are much lower rates available at lenders that the general public do not know of or have access to. I have access to over 25 lenders across Canada including the Big Banks and I would be more than happy to discuss the lowest rates available in the marketplace with you. Even if you have a pre-approval, a short discussion will reveal if you have found the best rate out there. Give me a call anytime. Abraham Niyazi - Mortgage Agent - Lic#M08010640 - Centum One FInancial Corp - Lic 10758. Cell: 416-993-4082 Toll Free: 1-866-728-3708 x 115 http://www.centum.ca/abraham_niyazi/ I deal with 25 lenders and can do mortgages across Canada except Quebec.

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Just recently placed an offer on a bank owned house. it was listed 169,900. i offered 180,000 with 20 per cent down with the escrow closing in 42 days. i also sent over a pre qual letter to prove that i am qualified to pay the mortgage. there are multiple offers on this property. i was wondering whats my chances and what do the banks consider in these types of situations. oh yes, i asked the seller to pay for 3 percent of the closing cost and termite inspections as well. i am paying for my inspection as well.

Most of the bank owned properties the bank request the buyer do their own inspections and pay for it. If someone turn in a cash offer and be able to close in 15 days, they of course will favor that. You have done your best and just have to wait for the answer cos' you don't really know how's the other offers. Try not to fall in the trap of overbidding the house of more than it worth. The seller agent use many kinds of strategies to make the buyers overbid the house so he'll get more commission. The bank sometimes like to do multiple counter offers to see who's willing to pay higher. Yours is not bad at all.