Mortgages

When it comes to mortgages, Pre-Qualified is very different than Pre-Approved. Without a Pre-Approved mortgage application, nothing is guaranteed. A pre-qualification determines how much money you MAY be able to borrow. Pre-approval goes that extra step further. Your lender will determine how much you can actually borrow and you may get a letter stating that fact. If you are pre-approved you certainly are less likely having problems getting your mortgage once your offer has been made. Pre-approval is not a total guarantee, as the home your are purchasing and your work stability factor into the mortgage companies final decision, but it goes a long way in helping you confidently make a serious offer.

Below you will find some handy Calculators to help you arrive at a rough estimate of what your purchasing power may be. Be advised that you should always consult with a financial professional to determine your true purchasing power, make sure you speak with you bank or a Mortgage professional before you begin the hunt for you new home and get Pre-Approved. If you currently do not have a Mortgage Professional to consult with I invite you to take your pick from some of the qualified professionals I have worked with in the past.

• CMHC Mortgage Affordability Calculator
• OREB Mortgage Calculator
• Residential Property Tax Estimator
• Land Transfer Calculator

Mortgage Planners/Managers/Consultants