Victoria Mortgage Pre-Approval
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 Victoria mortgage team will help you secure the best mortgage rate and product in Canada!
How to Qualify for a Mortgage
Employment
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.
Income
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.
Credit Rating
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.
Down Payment
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 Victoria
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
Mortgage Pre-Approval Product Options
FREE Mortgage Inquiry
Find Out What You Qualify For!
Get a Mortgage Pre-Approval in 5 Minutes!
Click Apply Now below to open a secure online mortgage application to safely and securely submit an application for your mortgage pre-approval. Our Victoria mortgage team will review your information and contact you to complete your official mortgage pre-approval!
