Process of certifying that a lender undertakes - under certain conditions - to lend money for the purchase of an immovable. It allows without limitation a buyer to know from the hypothecary lender the maximum amount he can borrow based on his financial standing and the projected purchase price.
It is indeed a rare occurrence when a buyer pays its condo, in one single payment. Most of them must obtain a mortgage loan to finance their purchase. What are the criteria and conditions to get a mortgage loan? Whom should you get it from? Banks, credit unions or other sources? What are the policies of the major financial institutions in this market? What are the limitations when planning the financing of your new property?
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