You Can Get Pre-Approved for Your First Home, Even Under the New Canadian Mortgage Rules

We help First-Time Home Buyers get pre-approved for their first home and can guarantee an interest rate for up to 120 days. Getting pre-approved for a mortgage will give you peace of mind knowing what home you can likely afford and puts you in a good position to make an offer when your dream home comes onto the market.

Why Get Pre-Approved for a Mortgage?

As a First-Time Buyer, it is important to know exactly what you will be approved for upfront so that there are no surprises during the home buying process. Real estate agents will want to know if you are serious about your home buying intentions and ready to buy which may provide leverage in the negotiation process, especially when there are multiple parties bidding for the same property.

How Does the Pre-Approval Process Work?

1. Once your mortgage application is received, our Mortgage Advisor will ask you about your financial standing and needs, down payment, income, credit, and type of property you are hoping to buy.
2. Your Mortgage Advisor will discuss the various mortgage options (fixed vs. variable rate, interest terms, payment options, amortization, etc.) available to you and which option best suits your needs.
3. Your Mortgage Advisor will provide you with an application which will require you to provide details of employment, gross income, assets, down payment, and liabilities.
4. When you apply for a mortgage and you appropriately consent, we will request a copy of your credit report to determine your credit qualification.
5. Your Mortgage Advisor will advise you about any other relevant documents to provide upon conditional approval of your mortgage and provide a written rate guarantee.

Guaranteed Rate

When you are pre-approved for a mortgage you can lock in that interest rate which is typically guaranteed for 90 – 120 days. You can rest assured that if the rate drops, we adjust your rate for you, and you are protected if the interest rates should rise.

By discussing mortgage pre-approvals with your Mortgage Advisor, you will have a good idea of what kind of mortgage payment you can comfortably fit into your budget and how much you will be qualified for.