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Thinking about buying a home in Etobicoke? Part II

Posted by Milana Cizmar on May 24, 2013

So, we answered the 4 questions about your home search in an earlier post. If you did not read it you can do so here.  We know when you would like to buy your home, what your ideal price range is, the style of home that would suit your needs and the ideal location you would like to live in.

The next best step is to visit your bank or a mortgage broker to put a pre-approval in place.

A pre-approval is really about finding out how much money you qualify for in terms of the purchase price for your new home. It also helps you decide the financing options that will work best for you.


If you are looking around for the best rate, I usually recommend a mortgage broker who has access to many different lenders.  A mortgage broker gets paid by the lender and shops the mortgage market for you in order to offer you the best rate and options. Using the services of a mortgage broker can essentially save you a lot of time and money in the long run.  I highly recommend it!

If you would like to go to your bank to see what they can offer you in terms of rates, it is also a good place to start. Just remember the banks may not give you a competitive rate right off the bat – you may have to do a little researching and negotiating to get them to step up to the plate.

  • The lender will determine how much you can borrow based on financial information you provide to them.
  • You will want to become pre-approved for a loan prior to beginning your home search.
  • When you are pre-approved, the lender conducts a thorough credit check and verifies your employment and deposit. 
  • The lender’s pre-approval is a commitment to loan up to a certain pre-determined amount. The only thing missing is the lender’s appraisal of the home to confirm its value.               

Why is pre-approval important at the beginning of the home buying process? Pre-approval strengthens your offer and negotiating position. A home seller will often choose an offer that is pre-approved for a mortgage over someone who’s financial picture is still in question.

Please don’t hesitate to call or email me for additional information about the buying process. My goal is to provide you with practical information as you consider your next move. When you’re ready to make your move, I’ll help you find your dream home and handle all the details of the transaction, so all you need to do is pack!

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