“Whether you’re buying your very first home, moving up to fit a growing family, or downsizing for a simpler lifestyle, one question always comes up — ‘Where do I even start?’ Should you buy before you sell? How much can you really afford? What happens if rates change before closing? Buying a home is more than a transaction — it’s one of the biggest decisions of your life. That’s why having the right guidance and a clear plan can make all the difference between stress and success.”

Step 1: Pre-Qualify – Call to make an appointment with your bank to obtain a pre-qualification before booking home viewings.

Pre-Approval

• What it is: A lender’s initial estimate of how much you may be able to borrow, based on your income, credit score, debts, and down payment.
• Purpose: Helps you understand your budget before shopping for a home.
• Documents required: Usually basic income verification, credit check, and financial overview.
• Result: You receive a pre-approval letter showing the estimated loan amount and interest rate (valid for a limited time, typically 90–120 days).
• Note: It’s not binding—the lender can still decline or change terms once they review the full details of your chosen property.

Mortgage Approval (Final Approval)

What it is: The official loan commitment from your lender after you’ve made an offer on a specific property.

• Purpose: It confirms that the lender has approved you and the property for financing.
• Documents required: Full income verification, property appraisal, purchase agreement, and possibly home insurance details.
• Result: A mortgage commitment letter or final approval confirming the loan amount, rate, and conditions.
• Note: Only after this step is your mortgage truly secured.

In short:

• Pre- approval = A head start and financial guide.
• Mortgage approval = The real deal- your financing is confirmed for the specific home you’re buying.

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First Time Home Buyer Guide