• Check Your Credit Score: Obtain a free credit report and address any errors or outstanding balances before applying.
• Gather Income Documentation: Prepare recent pay stubs, T4 slips, employment verification letters, and notices of assessment.
• Calculate Your Debt-to-Income Ratio: List all monthly obligations (loans, credit cards) to ensure you meet lender guidelines (usually under 40%).
• Save for a Down Payment: Aim for at least 5% on a primary residence; larger down payments may qualify you for lower interest rates.
• Consider Future Expenses: Factor in closing costs (2–4%), property taxes, condo fees or maintenance when determining your budget.
• Shop Around for Rates: Compare offers from multiple lenders—banks, credit unions, and mortgage brokers—to secure the best terms.
• Lock In a Rate Hold: Ask your lender to guarantee the quoted rate for 60–120 days while you find your home.
• Avoid Large Purchases: Hold off on financing new cars or high-ticket items until after your mortgage closes to prevent credit review issues.
• Get a Pre-Approval Certificate: Obtain written confirmation of your approved amount—this shows sellers you’re a serious, qualified buyer.
• Review Conditions Carefully: Understand the expiry date, rate holds, and any early-termination or prepayment penalties included in your pre-approval.

Need help navigating pre-approval? Use our mortgage calculator or contact Diane Richardson at 403-397-3706.