Shift Happens…

Here’s What to Expect When Purchasing Real Estate in 2023.

Our local mortgage brokers are professionals at navigating the ever-changing real estate market, so that you can have the best experience in purchasing a property. Let’s get back to basics with your areas of focus to make your mortgage pre-approval a smooth and successful one.

The Mortgage Payment Comfort Zone

When we say budget, does that make you cringe? Establishing a clear homeownership budget is key to ensure that you’re going to be comfortable with your mortgage payments, now and in the future. One of our mortgage agents will help you to calculate both your homebuying (down payment and closing costs) and homeownership budget. Ongoing costs post-closing should include your mortgage payment, property taxes, insurance, utilities and any additional fees associated with owning a property.

Get Comfortable with Your Credit

In Canada, a credit score will range from 300 to 900. The higher your credit score, the more lending options you will be offered in terms of mortgage products and top mortgage broker interest rates. For a traditional mortgage application, you will need at least a minimum credit score of 680 to qualify for approval. Head over to our Credit Tips Guide for ways to boost your credit score quickly.

Get Your Paperwork in Order

Though each lender may call upon you and your licensed mortgage broker for additional documents to support your application, there are a few items you should have ready to go. Collect the last 2 years of your Notice of Assessments, a current paystub and a signed and dated letter of employment as these are staples for verifying your earnings. In addition, don’t forget to provide proof that your down payment funds have been in an account with your name on them, for at least 90 days.

Connect with a Mortgage Professional

It’s not just our bias – getting a mortgage pre-approval is truly the most important step to achieving homeownership. This step must come before looking at homes so that you know which price range you can comfortably be shopping in.

Our top Toronto mortgage brokers will determine how much house you can afford, review your payment options and go over mortgage product details such as available mortgage broker rates and terms. Don’t forget to ask us about any pre-payment penalties, options for porting in the future or additional fees you may need to know about.

It’s never too soon to start working with a trusted mortgage agent to see where you are at in your homebuying journey. If today is not the day to achieve an approval, our certified mortgage advisors will help you with the tools and steps to complete to get you to approval success.

If you’d like to start the process and see how much you may be approved for, you can do so from the comfort of your home by visiting our Online Application.


Please fill out this form and we will be in touch shortly