One of the most important questions a buyer needs to assess is his/her financial capacity to purchase

  • Are you buying alone or together with someone?

  • Do you have sufficient money for a downpayment?

  • Do you need/want to sell a current property to have the necessary finances to purchase?

  • Have you spoken with a lending institution or mortgage broker to gain a realistic idea of what type of financing would be best for your situation (and how much) ?

In order to make the most efficient use of your house/condo hunting, and to avoid the heartbreak of finding the perfect property but then finding out you simply won’t be approve for the necessary financing, speaking with a lender or mortgage broker at the outset of the process is critical.  Moreover, in this market most sellers require an offer to be accompanied by a mortgage pre-approval letter.  If you have never spoken to a lender/broker, starting the process fresh to acquire the letter can cost valuable time and risk another buyer coming along in the interim.  There is no good reason not to speak with a lender early in the process.  You are not committed to using that particular lender just because you share some information and obtain a pre-approval letter.