Before you start a search for a new home, you need to know what you can afford. With the introduction of the mortgage stress test rules in January 2018, qualifying for a mortgage is more challenging than it used to be.  You may believe you have a good credit rating and a solid employment history, but only a lender or mortgage broker can confirm, based on your current expenses and debt level, what mortgage amount you can be pre-qualified for. Most pre-approvals are valid for 120 days,... [read more]

The process of qualifying for a mortgage has 2 stages. When you first decide you are ready to purchase a home, you provide a mortgage specialist with information about your income, assets, savings and debt. Based on this information, you are given a commitment letter, which let’s you know the maximum amount the lender would be willing to lend you. This is the Mortgage Pre-Approval. At the time you submit an Offer on a property, the lender will then determine the appraised value of... [read more]