If you’re setting out on the journey to homeownership for the first time, you’re likely feeling both excited and a little overwhelmed! Congratulations on this exciting milestone! The Toronto real estate market is ever-changing, and a lack of inventory is making it harder for buyers to find that perfect home. It’s more important than ever to take step one towards homeownership – getting a mortgage pre-approval by a certified mortgage broker.

This pre-approval will help you to set a realistic budget for your home search – and it also shows home sellers that you’re prepared for your purchase.

It’s true, there is a lot of information to process and you may find yourself unsure of where you should begin in purchasing Toronto real estate, no worries! Our team of Toronto mortgage brokers have outlined the first three steps for you to help get you started on the path to successful homeownership.

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HOMEOWNERSHIP STEP 1

Connect with a trusted Mortgage Broker. Talk to a certified mortgage professional about your unique mortgage options. A mortgage broker can help you compare rates, lenders, and loan terms. Our team is here to help you create a budget, so you can determine a realistic figure for your mortgage payments. You’ll want to move forward with a mortgage advisor who is knowledgeable, offers exceptional customer service, and communicates efficiently.

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HOMEOWNERSHIP STEP 2

Obtain a Mortgage Pre-Approval

Your mortgage broker will work on your behalf to get you pre-approved for a desirable mortgage, so you’re ready to start looking for a new home. When you have your pre-approval in hand, you have confidence in knowing your finances are in order – and as long as you keep your credit factors in good standings. You’ll also have the benefit of a mortgage rate being locked in for up to 120 days should anything change in the mortgage market. A pre-approval is especially critical in a competitive market, which we’re likely to see when the local spring and summer market heat up.

 

HOMEOWNERSHIP STEP 3

Find a Great REALTOR®. Once you’ve established your pre-approval amount, it’s time to find a great Toronto real estate agent. They will provide insight into the neighbourhoods you’re interested in and can assist with finding available homes within your budget. They’ll work through all the legal documentation with you to put in an offer on a home you love. If you need a connection to a trusted local REALTOR® our team would be happy to connect you with a trusted professional that will support you in your home buying journey, from first call to closing and beyond.
If you’d like to start the mortgage process and see how much you may be approved for, you can do so from the comfort of your home by visiting our online mortgage application or connecting with our team of Toronto mortgage pros directly.