Fast Mortgage Pre-Approval
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250-483-5558
Kris - Victoria BC
Thanks Andrew! Really puts clients first and works hard finding the best product. Very friendly and professional. Best broker in Victoria!
Calvin - Victoria BC
I got help from Andrew 2 times to purchase homes in 1 year. He helped me to save as much I can and provided good advice. If I do need mortgage again I will contact Andrew. Thanks Andrew.
Ranjit - Victoria BC
Andrew is a hardworking Mortgage Broker.He responds quickly and get your deal prepared quickly. He explains Mortgage terms well. He gives practical advice. He is Knowledgeable. Will recommend him as Mortgage Broker without hesitation.
Matt - Victoria BC
Andrew and his team were excellent. Very thorough, great communication. Highly recommend!
Your Mortgage Pre-Approval
(...what you need to know)
Need a mortgage pre-approval before you go house hunting? Find out how much you can afford well in advance. This will keep you focused on shopping for homes within your price range. When you qualify for a pre-approved mortgage, you’ll be certain of the size of mortgage for which you qualify. Often you can lock-in your rate for a specific period of time up to 120 days. And even if you don’t qualify for a pre-approved mortgage initially, we work with you to assist with your financial strategy and budgeting. All at no cost to you. Everyone deserves a home. Let’s work together to make it happen for you.
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How It Works:
Step 1: Your Mortgage Needs
Our initial consultation is all about you. We can meet in person or schedule a short phone call. We know the questions to ask to get the heart of your pre-approval requirements quickly. Will this home be your primary residence? Will there be rental income from a suite? Or will this property be an investment rental property? Each home purchase and pre-approval situation is unique. We take the time to understand what your immediate and long term goals are so that you are purchasing with confidence.
Step 2: Your Application
Many clients are well-prepared and can easily complete our secure online form. But some have a more complex application and require a more consultative experience. We have the flexibility to receive documents via email, fax, off-site meeting or in person in our office in order to expedite the application processing. The goal is to get you pre-approved and we have the flexibility in our process to accommodate your schedule. We walk you through income qualification, and your credit report so you can understand how they tie together to create the basis of your application.
Step 3: Your Pre-Approval
Once you have your pre-approval you can search for your new home with confidence. You’ll know the type of property, the price range and whether there must be an income suite. As the property is the asset that is securing the financing, the property itself plays a very large role in the final approval. In general you will want a thorough home inspection, and the lender may need a full appraisal of the property in order to meet the final mortgage approval criteria.
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Important Factors for Your Mortgage Pre-Approval
Income Qualification
Income qualification is different for everyone. It might be as simple as your last 2 years T4’s or Notice of Assessments. If you are self-employed it may require your full T1 General tax returns. And if you own a corporation we may need the corporate returns as well. In some cases it may be difficult for you to prove your income so we will have to find a suitable mortgage product that can accommodate your stated income situation.
Credit Score
Did you know that there are millions of errors on credit reports? And in some cases there is old data that is critically affecting your ability to borrow. We approach your credit report in logical way and do a thorough assessment so you can ensure the accuracy of the data. This is the number one reason we like to see people well in advance of their home purchase. Sometimes it can take months to repair a credit mistake. See us early and let’s make sure your credit is accurate. And what about the conventional wisdom that says your score goes down every time your credit report is accessed? It is quite possible that repeated credit access by potential creditors can affect your score. Since we only access your credit once and have access to dozens of lenders, we minimize this possibility.
Down Payment Verification
Are you planning to use savings for your down payment? You will need 90 days of account history. Are you planning to use a gifted down payment? You will need the proper gift form. What about using RRSP’s for your down payment? Yes you can do that as well. There are certain rules that allow you to access your RRSP funds without penalty, essentially loaning the money to yourself. The funds have to be paid back on a set schedule and you cannot have owned a home in 4 years. What if your co-applicant or spouse has not owned a home in 4 years, but you have? Well you can still use the $25,000 allowance from your co-applicant or spouse. Call us for details!
Closing Costs Verification
Most lenders will want to see about 1.5% of the purchase price available for closing costs. Closing costs are made up primarily of legal fees – budget around $1000 – and Property Transfer Tax. If you are a First Time Home Buyer and the property meets specific criteria this can save you thousands of dollars and the requirement for these funds to be available on closing can be waived. Call us at 250-483-5558 for more details.