A Complete Guide for First-Time Home BuyersAre you thinking about buying your first home? One of the most important steps in the home-buying process is getting pre-approved for a mortgage. It not only helps you understand how much you can afford but also shows sellers you're a serious buyer. Here’s a comprehensive Mortgage Pre-Approval Checklist to guide you through the steps. We know the mortgage process can seem daunting, but you're not alone! Many first-time home buyers shared their experiences with us, and here’s what they wish they knew before getting their first mortgage: "You don’t need as much money as you think to qualify for a mortgage." (It’s a common misconception that many first time home buyers have, but with the right guidance, you can often qualify with less than you expect.) "That it’s really not as complicated as I thought it would be! Much less stressful." (Many first-time buyers worry about the complexity, but with the right expert on your side, the process is simpler and more manageable than you think.) Step 1: Let's Chat!The journey starts with an intake call where we’ll discuss your current financial situation and home-buying goals. I’m here to listen and understand your needs so that we can create a plan that works for you. Step 2: Complete the Online ApplicationOnce we've had our chat, it’s time for the next step: completing an online application. This part includes a credit bureau report, which helps us gauge your financial standing. Don’t worry—this is a routine step and will not negatively impact your credit score! Step 3: Gather Your DocumentsTo keep the process moving smoothly, you'll need to provide some important documents. Here’s what you’ll need based on your employment status: Proof of Identity Let’s confirm your identity. You can provide one of these:
Proof of IncomeYour documents depend on your job type:
One of the biggest fears for first-time buyers is missing key information. But as one of my clients shared: "I honestly don't think there were any unanswered questions with my mortgage. Leanne gave me all of the information I needed regarding everything from total costs to additional costs and hidden costs and options between fixed and variable." (My goal is to make sure you have everything you need before you even start your home-buying journey, just like this client!) Important: If you owe the CRA chances are you won't qualify for a mortgage. It's important to ensure that you are on top of submitting your taxes each year and paying any amount owing before looking to obtain a mortgage. Step 4: Show Your Down Payment & Closing CostsNext, let's verify your down payment and closing costs. Please provide 90-day bank statements for all accounts where the funds will come from (e.g., savings, TFSA, RRSP). Make sure:
Step 5: Review Your Options and Get Pre-Approved!Once all the documents are in, I’ll review them within 24-48 hours. Afterward, we’ll set up a video call to go over your options, including:
Ready to Take the Next Step? Many first-time home buyers are surprised to find the mortgage process much easier than they initially expected. As one client said:
"That it’s really not as complicated as I thought it would be! Much less stressful." Let me help you experience the same peace of mind on your journey! Getting pre-approved for a mortgage is a key part of setting yourself up for success as a first-time home buyer. Ready to get started? Let’s work together on finding the best mortgage solution for you—schedule a time to connect! If you’re ready to begin, contact me to start your application and get your pre-approval today and always be ready for opportunties! Book a call now! Call: 416-508-5719 📞 Email: [email protected] 📧
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