Thinking About Buying a Home? Get Pre-Approved First!

If you're considering buying a home in Canada, your first step should always be getting pre-approved for a mortgage. A mortgage pre-approval paints a clear picture of how much mortgage you qualify for and how much you can afford. Instead of guessing what you can afford, a pre-approval removes the uncertainty and gives you confidence when house hunting with a clear understanding of your budget so you can focus on finding your perfect home.

Here’s what you need to know about a mortgage pre-approval:

1. A Mortgage Pre-Approval is Not a Guarantee

A pre-approval gives you a strong estimate of what you can afford, but final approval depends on the property you choose and any changes in your financial situation.

2. A Mortgage Pre-Approval Strengthens Your Offer

Sellers and realtors take pre-approved buyers more seriously, as it shows you're financially prepared to purchase a home.

3. With a Mortgage Pre-Approval You'll Know Your Home Shopping Budget

A pre-approval helps you set realistic expectations by determining your maximum purchase price and estimated mortgage payments. Your pre-approval numbers are based on the information you provide in your mortgage application, such as your income, credit score, and current liabilities.

4. Credit & Finances Matter

Lenders assess your income, debts, credit score, and employment status. Keeping a stable financial situation after pre-approval is crucial.

5. Lock in an Interest Rate

Mortgage rates can fluctuate, but many lenders allow you to lock in an interest rate for 90–120 days, protecting you from interest rate increases while you shop for a home.

6. Identify Potential Issues Early

During the pre-approval process I'll be able to spot any financial issues, such as low credit scores or high debt ratios, and help you fix these potential issues early in the process! This helps avoid any roadblocks in your home-buying journey.

7. Avoid Major Financial Changes

Don't take on new debt (like a car loan, additional balances on credit cards or lines of credit, new couches, etc.) or change jobs before finalizing your mortgage, as this can impact your approval and your mortgage qualifying numbers.

A mortgage pre-approval isn't just a formality—it’s a powerful tool that makes your home-buying journey smoother, faster, and more successful.

Thinking about buying a home soon? Let's get you pre-approved today! Send me an email at jennamortgagebroker@gmail.com or call me at 250-318-7614, and let's chat about your next steps!