Buying your first home is a huge decision and the process ahead may seem daunting. Don’t worry. Our First-Time Buyer mortgage solutions have been designed specifically for British Columbians buying their first home, and we have all the information you need right here.

Why get pre-approved for a mortgage?

Once you have been approved for a mortgage, you will know exactly how much home you can afford, you’ll have a better idea of your monthly payment amounts, as well as how much your down payment will be. And real estate agents will know you are serious about your home buying intention.

Read on to discover how to start your mortgage application and get the ball rolling.

The first 4 steps of your mortgage journey:

Step 1: Find out how much you can borrow

Use our Mortgage Calculator to find out how much you can borrow. You can also apply for your mortgage with our Online Application process. It couldn’t be easier.

Step 2: Meet with a Mortgage Professional

You will meet with an experienced Mortgage Professional who will ask you about your financial standing and needs, down payment, income, credit, and type of property you are hoping to buy.

Your Mortgage Broker will discuss the various mortgage options available to you and which option best suits your needs.

Step 3: Get your mortgage paperwork in order

The most important part of your application is proving you can repay the mortgage loan. Your Mortgage Broker will tell you exactly what you need to provide, such as details of employment, gross income, assets, down payment, and liabilities.

Step 4: Request credit report

When you apply for a mortgage and you appropriately consent, we will request a copy of your credit report to determine your credit qualification.

Your Mortgage Broker will advise you about any other relevant documents to provide upon conditional approval of your mortgage.

Calculate how much can I borrow

It’s important to note that you are under no obligation when you pre-approved to accept the mortgage, but you should still feel comfortable with the amount and terms of your pre-approved mortgage.

Once you are pre-approved for a mortgage you can lock in that interest rate which is typically guaranteed for 90 – 120 days. You can rest assured that if the rate drops, we adjust your rate for you, and you are protected if the interest rates should rise.

If you are looking to purchase your first home, feel free to reach out to us and we will gladly help you with questions on the pre-approval process or alternatively, you can start your pre-approval online now.