Pre Approval

What's Your Score

Big questions are to be asked when you are starting to think about buying a home. You should be aiming for a credit score of 680 or higher to qualify for the best rates, free online credit reports can help you start the process such as Equifax, Mogo or Credit Karma. If you don’t meet the requirements then try to payoff your loans, stay within the limit of your credit cards and pay your bills on time.

What's Your Budget?

When thinking about the home you want it is just as important to consider what your budget is as well as your monthly cash flow. Being house rich and cash poor makes for a no-fun home! Also the cash flow budget may be dramatically different than the home price you qualify for.

Secure a Down Payment

The ideal down payment is 20% or you may have to pay a default mortgage insurance additional to the mortgage payment. First time home buyers can take up to $35,000 out of their RRSP’s ($70,000 per couple) to go towards the down payment. if you are in need of help from an immediate family member, a gifted down payment is also acceptable. On average expect closing costs to range between 1-4% of the purchase price.

Next Step is...

Meet with a Mortgage Broker

Once you have completed the first few steps you are ready to reach out and chat with a mortgage broker. They will help you understand what you are qualified for and get you the best interest rate. If you need recommended brokers we would be happy to help.