Since your pre-approval morgage expires on Feb 28, while the closing date is March 22 which is the real starting date of your morgage, the bank has no obligation to offer you that morgage on the pre-approval any more. You have to re-apply it.
The line of credit is offered by the bank as your finacial back-up. It is easy to get 20K limit depending on your income and banking status. The rate is around the prime rate, which is not considered as high, right?
I forgot about the details. Why not just make a call to telephone banking and ask them? They tell me this concept when I do telephone banking with CIBC.
All the best!
The line of credit is offered by the bank as your finacial back-up. It is easy to get 20K limit depending on your income and banking status. The rate is around the prime rate, which is not considered as high, right?
I forgot about the details. Why not just make a call to telephone banking and ask them? They tell me this concept when I do telephone banking with CIBC.
All the best!