91% of first-time home buyers are getting pre-approved, according to TD Canada Trust’s 2010 Home Buyers Report.
That’s a big improvement from the 62% pre-approval rate reported in a similar 2007 BMO study.
Today’s home buyers seem to be more educated on the benefits of pre-approvals. They’re also more concerned that rising rates will put them at risk without a rate hold.
Sidebar: Here are a few other notable points from TD’s report:
I think pre-approvals are great, the trouble is getting the borrower to keep their word and stick with you rather than rate shop.
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