When searching for a home, most people don't know where to begin. Many people start by going to open houses or viewing homes with a realtor. The first step in shopping for a home is finding out how much of a mortgage you can afford and if you will be approved. Buyers that are pre-approved are taken more seriously when negotiating a purchase of a property especially where there are multiple offers on the same property. There is not much point for you and your realtor to be shopping for your new home when you are not sure if you can get financing. Once you have the pre-approval you can start shopping for your home immediately in the price range for which you qualify.

There are three main factors that will decide whether or not you will be pre-approved for a mortgage. These three elements are your credit history, your income, and the amount of down payment you can provide (although 100% financing can be available). Unless you have a 25% down payment for your home, the rules to obtaining a mortgage are set by Canadian Mortgage and Housing Corporation (CMHC). No matter what financial institution you apply to, being approved for a mortgage is adjudicated the same way under CMHC's guidelines.

Here at Mortgage Centre Advantage, we spend the time to explain the Mortgage process, explain and give you all the options available. This way you can make a more educated decision as to which mortgage you should take.

After completing a mortgage application, your mortgage specialist will submit your information to a lender to get you pre-approved for a mortgage that is best suited to your particular wants and needs! There is no cost for this service, so let us do the shopping for you. Furthermore, if you were to shop around for a pre-approval on your own, each lender that you visit will perform a credit inquiry. Each time an inquiry is made on your credit bureau may negatively affected your credit and your credit score as it gives the appearance that you are a credit seeker. Our mortgage specialist can pull one credit report and shop it to over 32 lenders without affecting your credit.

After the pre-approval has been submitted, the mortgage specialist will receive a pre-approval from the mortgage lender detailing what you need to provide to qualify. With this information, you can now go shopping for your new home knowing your price range and what conditions must be met to finalize the financing.

1. Get pre-approved
2. Find a Realtor
3. Negotiate the best deal for that particular home
4. Turn the Pre-approval into a Firm Deal
5. Meeting all of the conditions and waiving of conditions
6. Closing the Deal



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