The first step in the home buying process is to obtain a mortgage pre-approval. The pre-approval will qualify you for a maximum purchase price that you can afford. A pre-approval also locks in your interest rate, typically for 120 days. This allows you to shop for a home without the risk of interest rate changes. Our Ontario mortgage team will help you secure the best mortgage rate and product in Canada!
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.
Lowest Mortgage Pre-Approval Rates in Ontario
We guarantee to get you the lowest mortgage rate from over 40 lenders across Canada!
***Rates are subject to change at anytime and restrictions may apply. Contact a mortgage broker for the most up-to-date rates.***
We Find You Canada’s Lowest Mortgage Rates by Comparing Every Major Lender
Top 5 Reasons to Get Pre-Approved
Find Out How Much You Qualify to Spend
Lock in Today’s Best Interest Rates
Get an Official Pre-Approval Letter for Your Realtor
Understand All the Costs Associated with a Real Estate Purchase
Shop with Confidence and be Ready to Write an Offer!
Mortgage Pre-Approval Product Options
Rate Hold: Lock in a Rate for Up to 120 Days
Down Payment: Minimum 5% of Your Purchase Price
Products: 1, 2, 3, 4, 5, 7 and 10 Year Fixed and 3 & 5 Year Variable
FREE Mortgage Inquiry Find Out What You Qualify For!
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Click Apply Now below to open a secure online mortgage application to safely and securely submit an application for your mortgage pre-approval. Our Ontario mortgage team will review your information and contact you to complete your official mortgage pre-approval!