Step 1 is a mortgage pre-approval - for the most complete information please pick up the phone and call me at 250.318.8891. By the end of a 30 minute conversation you will have a sold idea of how much mortgage money you qualify for (this varies with lenders by as much as 20%) you will also have rates locked in for 120 days. Not just a 5 year fixed rate but a wide variety of options that are well worth discussion.

​During the pre-approval we will discuss:

  1. ​Your budget - what monthly payment would you like to stick to when looking for a home and how does that translate into a purchase price.
  2. Your income - how you are paid (full-time, part-time, seasonal, self-employed, commission based) will have a big influence on which mortgage product and lender we recommend and will also effect the purchase price you qualify for.
  3. Your credit -  this will have a very large influence on the type of Lending we can arrange for you. We will thoroughly explain your credit report and if repairs are necessary we will help you put an action plan in place.
  4. Your down payment - ​where is your down payment coming from? Savings, RRSP's, gift from an immediate family member, line of credit or credit card. Any prospective buyer can purchase a home with as little as a 5% down payment. Any down payment with less than 20% comes with CMHC fees a sliding scale raging from 1.8% - 3.6% of the mortgage amount.
  5. Closing costs - legal fees, home inspection fees, appraisal fees, title insurance, property tax adjustments all factor into how much money you will have left for your down payment. First time home buyers typically get an exemption from the property transfer tax in BC.
  6. Interest rates, terms and amortizations - variable, fixed, home equity line of credit all have different pros and cons, we will discuss them all. We'll also discuss great interest savings tips. It doesn't always come down to interest rate it's how much interest you want to save!

A mortgage pre-approval strengthens your position when negotiating the purchase price of your home. Ultimately you do not want to be writing an offer without having already spoken with me. You can call me directly at 250-318-8891 and I will get the ball rolling for you.

There are many things to consider when shopping for your first home. A mortgage brokers can help you through the process. For an overview of the whole process click here for 10 steps to your front door from start to furnish!


CALL NOW +1.250.318.8891