Here's the scenario. Recent customers of mine were pre-approved at their branch of their local financial institution. They were approved for a $350,000 Mortgage at a 5 year fixed rate of 3.79% with a 25 year amortization. My Customers had a $50,000 down payment and were looking around the $400,000 price range. After being outbid a few times (7 to be exact), their Realtor referred them to me. The monthy payment in this scenario was $1803 per month. I was able to get them a rate of 3.29% for a 5 year fixed with a 30 year amortization. Can you guess how much there were pre-approved for with the new lower rate and extended amortization? $413,000 Yup, with their $50,000 down payment they were able to get the exact house they were looking for just about $450,000 and a lower monthly payment by approximately $50.00. Check out the link below for more information http://999-rose.ca/wp/how-much-does-0-5-in-your-mortgage-rate-make-by-peter-paley-from-rosalie-999-rose-ca/ Let Realtor Rosalie Rattai make your next purchase " The Key to Your Success"