As soon as possible! If buying a home is a goal—now or in the future—applying for pre-approval early helps you: ✅ Understand your borrowing power ✅ Identify any financial adjustments needed ✅ Lock in an interest rate for up to 120 days ✅ Be ready to act fast when you find the right home

Planning ahead ensures you’re in the best position to buy when the time is right!

Home Up To $500,000 Purchase Price

5% down payment ($25,000)

Home OVER $500,000 Purchase Price

10% down will be required on any amount over $500,000.

For example, if you're purchasing a $600,000 home:

• 5% on the first $500,000 = $25,000

• 10% on the remaining $100,000 = $10,000

• Total down payment = $35,000

Where Can a Down Payment Come From?

- savings

- gift (from immediate family only)

- sale of assets

- rrsp if first time homebuyer

The lender pays the broker—not you!

✔️ Compensation is based on the mortgage amount and term (longer terms typically pay more).

✔️ A fair estimate of commission is around 1% of the mortgage amount—sometimes more, sometimes less.

✔️ Brokerage fees are also paid to TMG, a company I’m proud to be associated with!

Aim for at least 680 – This is considered an "OK-Good" score.

Credit is checked for Pre-Approval and then typically not again until you have found a home.

Did You Know Credit Reports are Only Good for 30days?

Lenders report to your credit monthly, so really your credit report changes and expires monthly.

Lenders do not see a difference between a bankruptcy or a consumer proposal. In order to apply for a mortgage after:

- 2yrs from discharge

- 2yrs of re-established credit

- 2 pieces of active credit

- no gifted down payments, it must be saved

Life and hard times happen to all of us. It is fixable to get a mortgage again.