What Can I Expect?
After completing the 5 minute pre-approval form, one of our fantastic agents will reach out to you, answer any questions, and discuss your pre-approval.
Online Mortgage Pre-Approval!
Get pre-approved for your mortgage online from the comfort of your own home! We make getting a mortgage easy with fast mortgage pre-approvals!
How Much Does It Cost?
Nothing! The entire process is FREE! There is no money out your pocket, just access to professional mortgage brokers and sound advice!
Who Should Get Pre-Approved?
Anyone who is a first-time home buyer or transitioning into a new home, buying an investment property or renewing an existing mortgage.
Why Get Pre-Approved Before House Hunting?
The pre-approval process lets you know exactly how much purchasing power you have before you start shopping. It also lets the seller know that you are serious about buying, giving you a little extra leverage while negotiating.
A pre-approval means that a lender has stated in writing that you qualify for a mortgage based on your current income and credit history. It will specify a term, interest rate, and mortgage amount that you qualify for in advance of your home shopping. Pre-approvals are good for up to 120 days and will protect you from any interest rate increases that may occur at that time.
Trust us when we say that getting a pre-approval in place will make your whole buying experience much smoother.
KEY AREAS WE LOOK AT WHEN COMPLETING YOUR ONLINE MORTGAGE PRE-APPROVAL.
The amount of purchasing power you have is dependent on several factors. Our mortgage professionals will ask you a series of questions relating to your specific financial situation, and you will need to provide some supporting documentation.
The key areas that we will look at for a pre-approval are credit score, down payment, income, and liabilities:
Credit scores in Canada range from 300 – 900. The higher the score, the better.
A certain credit score range is required to qualify for a mortgage; however, it is also dependent on your liabilities, down payment, and income.
How much money you are putting towards the purchase of a home and where those funds are coming from.
The minimum down payment required for a home purchase in Canada is 5% of the purchase price.
This value should be the total of the household income if you are buying the property with a partner.
Additional sources of income may be included depending on the lender. This may include bonuses, tips, investments, rental income, support payments, child tax benefit etc.
What are your monthly expenses?
This could include utilities, phone bills, credit card debt, auto loans, student loans, etc.
Applying for a mortgage pre-approval is quick, free, and does not commit you to one single lender. It does, however, prepare you for your new purchase and protect you from rising interest rates for up to 120 days, giving you lots of time to shop for that perfect home.