Get Pre-Approved

Having your mortgage pre-approved is an important step in the process and benefits you in three ways:

Pre-approval helps verify your budget and allows your real estate agent to find the best home in your price range.

Quick Tip: Don’t forget about the closing costs! These range from 1 to 4% of the purchase price and should be factored into your budget.

Pre-approval guarantees the rate offered and locks it in for up to 120 days. This protects you from any increases in interest rates while you are shopping (phew!). Make sure to ask exactly how long your pre-approval is good for!

Pre-approval lets the seller know that securing financing should not be an issue, which is beneficial in competitive markets!
Keep in mind, this is not the same as final mortgage financing approval, but it can be a very helpful step in the process towards getting your final approval by helping you work within your budget.

Using the free mortgage toolbox app can help you get pre-qualified as part of your pre-approval – right from your mobile phone! In addition, this incredible tool can help you calculate your closing costs and even your potential monthly mortgage payments.Free Mortgage App

Maintain Your Credit

If you are currently looking at homes or thinking about looking at homes, it is vital to maintain your credit throughout the entire mortgage process. Be sure to continue to pay your bills on time, refrain from applying for new credit, closing off credit accounts or committing to any other large purchases (i.e. new car), and also avoid pulling additional credit reports once you have been pre-approved. Another helpful tip is to keep any credit card balances below 70% of the limit to help skyrocket your score!

Utilize Your RRSPs

Did you know? The Home Buyer’s Plan allows you to utilize up to $35,000 from your RRSP and put it towards a down payment on a new home, which you can repay over a 15-year period. You must be a first-time home buyer to qualify.

Take Advantage of Government Programs

There are various government programs in place that provide some financial relief in the form of rebates and tax refunds, including:

First-Time Home Buyer (FTHB) Tax Credit: First-time home owners would get a credit of $1,500 if you qualify. Learn More.
First Time Home Buyer Incentive: The government will cover 5% of the purchase price on a resale home or up to 10% on a newly constructed home, if you qualify. Learn More.
GST/HST New Housing Rebate: You may qualify for a rebate for some of the GST or HST paid on the purchase price or cost of building your new house. Learn More.

There are also additional programs and support available depending on your province that are worth looking into, including land transfer and property transfer rebates, first-time homebuyer tax credits, homeownership support programs and more.

Contact Me for Expert Advice!

Before you get started on your home buying journey, make sure to reach out to me for expert advice on choosing the right mortgage options, determining your budget, getting your pre-approval, and more!

In a world with an abundance of options, it can be hard to know which way to turn to ensure that you make the best decision for your future. Fortunately, a mortgage agent can help! With access to numerous institutions including big banks, credit unions and trust companies, we are familiar with a vast array of available mortgage products.

From first-time homebuyer programs to financing for the self-employed or those with credit blemishes, we can help you find the best mortgage for – no matter where you’re at in life!

A Mortgage Agent Saves Time:
One of the biggest benefits to using a mortgage agent is that they are a one-stop-shop that not only saves you time, but can save you money too. Mortgage agents are experts in mortgages and are able to contact all lenders, from the big 5 banks to credit unions and even alternative options (if required). This means that YOU only need to fill out one application and your agent will do all the heavy lifting in order to present you with the best options for your budget so you can make the final decision!

A Mortgage Agent Can Often Find a Lower Rate:
When it comes to mortgages, not all lenders are created equal. Not only do different banks offer different rates depending on the mortgage conditions, but banks can only see their own rates. For you to be able to get accurate quotes, you would need to have multiple meetings – one with each bank or lender – to get their mortgage rate and terms. A mortgage broker has access to all of the different lenders and their connections can often result in a lower mortgage rate and better plan for you and your family.

A Mortgage Agent Offers Unbiased Advice:
Mortgage agents typically work with dozens of lenders and rely on client satisfaction and referrals to keep their business running. Unlike banks focused on signing you for profit reasons, a mortgage agent is a third-party service who gets paid no matter which bank they sign you with. This means they can provide the best rate AND unbiased advice because they are focused on helping you achieve your dream.

A Mortgage Broker Service is Typically No Cost:
In most cases, using the services of a mortgage agent comes at no cost to the homeowner or home buyer. A mortgage agent instead receives compensation directly from the lender. The only time you might have to pay is when working with a private lender or a lender that refuses to pay brokerage fees broker would tell you about in advance.

A Mortgage Agent Protects Your Credit Score :
With a mortgage, not only does it take a great deal of time to apply at dozens of lenders yourself, but it can also lead to a lower credit score. Each time you apply at a lender, they have to do a “hard credit check”. Unfortunately, too many credit checks in a short period of time can lower your credit score. The benefit of a mortgage broker is that they typically only need to pull your credit score once to apply to various lenders, which protects your hard work.