Mortgage pre-approval is better! 

Before setting off to look at properties, the single most important first step for a home buyer is determining your financial comfort zone. For most of us, this means a visit to the bank or a mortgage broker.

But when making that visit, please consider this. There's a big difference between getting pre-qualified versus pre-approved for a mortgage.

To get pre-qualified for a mortgage, you simply meet with your bank or a mortgage broker to discuss your assets and liabilities. They estimate roughly how much you may be able to borrow. The process is informal, the information is not verified and there is no guarantee about how much money you will be able to borrow.

When you are pre-approved for a mortgage, the process is more formal. The bank or mortgage broker verifies your financial information and confirms your ability to obtain a mortgage up to a specified amount. Usually, they will also guarantee a mortgage rate for a period of time.

I always encourage buyers to seek mortgage pre-approval. You will have greater peace of mind before making offers and strengthen your bargaining position with sellers who are more willing to accept offers from financially-approved buyers.

If you need the names of reputable mortgage brokers, I can help. 

Mortgage pre-approval... it's the smarter way to buy a home.

Tax credits and rebates 

If you're a first-time buyer, you may be eligible for Federal and Ontario tax credits and rebates. For more information about whether you qualify, please click on the following links.

First Time Home Buyer Tax Credit (Revenue Canada)

First Time Home Buyer Land Transfer Tax Refund (Ontario Revenue Ministry)

If you have any questions about mortgage pre-approval versus pre-qualification, please contact me.  budloughlin@royallepage.ca

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