The first step in the home buying process is to obtain a mortgage preapproval from a bank or lender. A pre-approval is simply a rate hold, typically for 120 days. This allows you to shop for a home without the risk of interest rate changes. The pre-approval also provides you with a purchase price for which you can shop. One of our mortgage brokers will help you acquire the pre-approval so you are confident you have the best product.
How to Qualify for a Mortgage
A full time permanent employment position with no probation period is required in most cases but if you have worked in a part time position for at least two years we can also use that income to qualify. Income that includes over time, commission, bonuses or self employed earnings must have a minimum 2 year history in order to be used for qualification.
Your employment income determines how much you can afford to spend. The banks use a percentage of your gross annual income to determine your spending limit. You can use income from salaried and full time hourly earnings and income that includes over time, commission, bonuses or self employed earnings that have a minimum 2 year history.
Your credit rating is determined by how well you manage and pay credit cards, loans, and lines of credit. If you have late payments, collections, or other bad debts this will affect your application. The lenders like to see a minimum 2 year history of credit with good repayment history. The higher your credit score, the smaller the down payment is required.
A down payment is required when buying a home. If you have good credit it is still possible to purchase a home with as little as 5% down payment. If you have poor credit a much larger down payment could be required from 20% to 50%. With a good credit rating, a minimum 5% down payment is needed and will allow you to qualify for best interest rates.
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***Rates are subject to change at anytime and restrictions may apply. Contact a mortgage broker for the most up-to-date rates.***
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Top 5 Reasons to Get Pre-Approved
Find out your maximum purchase price
Lock in today’s best interest rate
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Mortgage Rate Guarantee
A Mortgage Pre-Approval guarantees an interest rate for up to 120 days, even if rates rise in the meantime. This protects you while you shop for a home. If rates should drop before your mortgage funds are advanced, you will automatically receive the lowest rate during the 120 day period.
Get A Pre-Approved Mortgage Certificate
Before you begin shopping for your next home, be sure to acquire a pre-approval certificate from your broker. This will outline all the details of your mortgage including the rate guarantee and what you can afford. Always remember the mortgage pre-approval is not an official approval! You always need to make any offer on a home conditional to financing as the lender must complete the necessary underwriting to confirm your employment, down payment, and property before financing is officially approved.
Did You Know?
Many real estate agents may require you to get a pre-approval before they begin working with you. The pre-approval certificate is a great way to show your agent that you are a qualified buyer. The fact that you already have your mortgage financing arrangements in place indicates to prospective vendors that you are a serious buyer.
It gives you the security of negotiating a house price that falls comfortably within your budget. A mortgage pre-approval is absolutely free, with no cost and no obligation.
Mortgage Pre-Approval Inquiry
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