Brandon Nishi | Mortgage Broker
What is a pre-approval?
A pre-approval takes into consideration someone's income, liabilities, GDS/TDS, and any other external factors to help determine the maximum mortgage amount possible that someone can qualify for. Many homebuyers overlook their budget because they don't take into consideration Canada's stress test, strata fees, property takes, etc. into their calculation.
What are the benefits?
1. Saves time by knowing your maximum purchase price
2. Increase in bargaining and negotiation power. You'll be confident knowing you qualify for your given offer
3. Know your monthly budget - Can you afford your monthly mortgage payments?
4. Information - by going through the pre-approval process, you'll be able to learn about the home-buying process, closing costs, unforeseen costs, and possible home buying benefits
How do i get pre-approved?
A mortgage professional will know bank's policies and guidelines to help you understand how much you can afford at certain banks. Getting pre-qualified is FREE. By filling in more information, your broker will be able to give a better representation on how much you can afford.