Pre-Approvals

Close-up Of A Person's Hand Stamping With Approved Stamp On Text Approved

Get Pre-Approved For Your Dream Home

re you ready to embark on your home buying journey? Getting pre-approved for a mortgage is the first step, and I’m here to help you navigate it with ease. Contact me today to begin the process, and together we’ll determine how much you can afford, identify the right mortgage product, and give you the confidence you need to make an offer on your dream home.

A mortgage pre-approval not only helps you understand your budget but also positions you as a serious buyer in the competitive real estate market. You’ll know exactly what you can afford, making the home search smoother and more efficient. Whether you’re a first-time homebuyer or looking to upgrade, I’m dedicated to finding the mortgage solution that fits your unique needs and financial goals.

Don’t wait until the perfect home passes you by. Reach out today to get pre-approved and start your home buying journey with clarity and confidence. With expert guidance and a solid pre-approval in hand, you’ll be ready to move forward when the right opportunity arises. Let’s work together to make your homeownership dreams a reality!

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Pre-Approvals: Your Key to a Successful Home Buying Journey

    Expedide the process of homebuying by getting a pre-approval. You will have a clear understanding of your budget and what type of mortgage you qualify for.

    Get expert guidance from experienced mortgage brokers

    Stand out to sellers by having a pre-approval in hand

    Personalized solutions tailored to your unique needs and financial goals

    Streamlined process with fast turnaround times

    Approval of a real estate deal. Buy or sell a house. Issuing a mortgage bank loan.
    Mortgage loan officer and farmer shaking hands upon reaching an agreement
    Real estate agents stamp their approval to buy and sell homes. with insurance for customers
    Smart Mortgage Planning woman using a calculator to make Calculations and Consideration

    What My Clients Are Saying

    I work hard for my clients and have helped many families realize the dream of home ownership. Here is what a sampling of them have to say about their experience working with me.

    Nicole Tracey is an absolute professional. She is always willing to assist with your financial/mortgage decisions with her best advice. She will go the extra mile.
    Highly recommended.

    Nicole is very knowledgeable and easy to work with. Won’t get too far into the particulars of our mortgage, but I will say Nicole went the extra mile to make sure we were comfortable with our decision and she made herself available any time we needed to contact her. She consistently updated us on any/all progress being made. Overall, it was a great experience.

    We recently bought our first house and worked with Nicole Tracey to find the right mortgage for our needs. I can’t say enough good things about Nicole and the service she provides! She explained the whole process and our options to us clearly. She is knowledgeable, kind, responsive, and always professional. We would definitely work with Nicole again and will recommend her to our family and friends.

    Frequently Asked Questions

    Options include increasing payment frequency, making lump-sum payments, and shortening the amortization period.

    Closing costs include appraisal fees, legal fees, title insurance, land transfer tax, pst on default insurance if applicable and others. They generally range from 1.5% to 4% of the home’s purchase price.

    Fixed-rate mortgages typically charge the greater of the Interest Rate Differential (IRD) or three months of interest. Variable-rate mortgages typically charge three months interest. *Pro Tip: Variable rate mortgages offer much more flexibility since the penalty to break the mortgage early is only three months interest.

    Fixed-rate mortgages have a set interest rate for a term (usually 1-5 years), giving stable payments. 

    Variable-rate mortgages fluctuate with the Prime rate and can result in savings if rates drop or additional costs if rates rise.

    The stress test ensures borrowers can handle payments even if rates rise. You must qualify at the greater of your rate + 2% or the Bank of Canada’s qualifying rate, currently 5.25%. This test applies to both uninsured and insured mortgages, affecting the total loan amount you may qualify for. *Pro Tip: there may be changes to the stress test coming soon as Canada deals with the current housing shortage – Contact me for more details. 

    The amount depends on factors like income, credit score, existing debts, and down payment. Mortgage lenders use a Gross Debt Service (GDS) ratio and a Total Debt Service (TDS) ratio to determine how much you can afford. *Pro Tip: Download my mortgage calculator app to run your numbers and see what you potentially qualify for:https://bit.ly/NicolesMyMortgagePlanner

    The best interest rate you can get for a mortgage depends on several factors, such as:

    1. Credit Score: Higher scores usually qualify for better rates.
    2. Down Payment: with less than 20% down payment, default insurance is required and these insured mortgages typically have the lowest rates b/c the risk is lower for the lender.
    3. Income and Debt-to-Income Ratio: Lenders favor borrowers with stable incomes and lower debt levels.
    4. Loan Term and Type: Fixed rates for 5-year terms may differ from shorter terms or variable rates.

    The most competitive mortgage rates available are typically reserved for high-ratio mortgages (those with a down payment of less than 20%) and may vary based on factors such as your credit score, income, and the specific lender. It’s advisable to compare offers from multiple lenders and consider consulting with a mortgage broker to secure the best rate tailored to your financial situation.

    A financing condition allows you time to secure a mortgage approval before committing to the purchase. It protects you in case you’re unable to secure financing. To learn more, check out our blog post. The Risks of Not Having A Financing Condition in Your Offer to Purchase

    You’ll typically need proof of income, credit history, employment details, property details, and other financial documents.

    Yes, you can use gifted funds for a down payment, but there are specific requirements to follow.

    Yes, a home inspection is recommended to identify any potential issues with the property before purchasing it.

    The mortgage approval process involves several steps. You’ll need to provide financial information, documentation, and consent for a credit check. Lenders assess your creditworthiness, debt-to-income ratio, and other factors. They will determine the mortgage amount you qualify for and provide a pre-approval or approval letter. The process may vary slightly depending on the lender and your circumstances.

    Still have questions?  I can help!

    Contact Nicole Tracey, Independent Mortgage Agent of Mortgage Architects in Stratford, Ontario now and let us help you make your dream of owning a home a reality. We specialize in first-time home buyer mortgages and we’ll work with you every step of the way to find the perfect solution for your needs. Don’t wait – contact us today to start your home buying journey.

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    I’ll help you get pre-approved for the mortgage you need to get your next home

    Book a call to get the process started. There’s no better time to start than today!

    Book A Call