Buying a Pricey Home or Condo? Three Tips to Help You Get Pre-Approved for a High Value Mortgage

Marci • July 21, 2014

Chasing after that perfect house or condo but wondering if you will qualify for the mortgage? Congratulations – you’re taking an excellent first step by not giving up on your dreams for the perfect home. Even in volatile economic times, there are still ways to leverage any financial situation in order to obtain the house of your dreams. Below are three tips that you can use in any market in order to get pre-approved for a loan on even the priciest homes or condos.

Ensure Your Credit Rating is as Clean as Possible

The major credit reporting agencies are well known for making mistakes on people’s credit reports. Before you speak to a mortgage broker, you should make sure that all of your credit reports are as clean as possible. Even if certain things on your report are not your fault at all, some banks will consider your credit from a ‘worst-case scenario’ perspective. Getting your credit straight may take some time, so get started on this task as soon as you can.

Cast Your Mortgage Net Far and Wide

There are many online resources that can give you a broad sense of the market as a whole. You will need this information when you begin to work with mortgage brokers. In modern times there is no information on real estate that is not available to you; this was not the case in previous generations of home buyers. People had to walk into banks basically blind, hoping that they can get a good deal from a reputable banker that they have trusted from past financial dealings.

Nowadays not only do you have the ability to case the entire market before you walk into the bank or broker’s office, but you can also case out different banks as well, to determine who has favourable rates. Everything is negotiable, and your mortgage broker will be happy to advise you on how and where to negotiate to ensure you’re getting the best deal. Part of the negotiation will be pre-approving your loan – if your credit is clean and you’re ready to buy, you will find that the pre-approval process goes a lot smoother.

Have Your Down Payment and Financial Resources Ready

Some resources state that the absolute minimum down payment that you should have in order to be pre-approved is 20%, but be sure to check with your mortgage expert as this may vary. You should also make sure that you have at least six months of mortgage payments saved in cash in a bank account as this will provide you with a bit of a cushion should anything happen.

In short, the more cash you have on hand, the less of a risk that you will present to lenders.

CMHC recently changed the rules for mortgages over $1 million but we still have access to other insurers who will consider these larger loans! Be sure to call us when you are ready to make the final decision on your home or condominium. We are ready to help you get into the home of your dreams with the least amount of hassle.

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Bank of Canada Holds Rate at 2.25% — March 18, 2026

By Marci Deane • March 18, 2026
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. For anyone watching the mortgage market — whether you're renewing, purchasing, or simply keeping an eye on borrowing costs — here's a breakdown of what was announced and what it may mean for you.

Is Now the Right Time to Buy? A Look at Canada's 2026 Housing Market

By Marci Deane • March 17, 2026
For many Canadians, the dream of homeownership has felt like a moving target. After years of market volatility, shifting interest rates, and economic uncertainty, you might be wondering: is 2026 finally the year to make a move?

Everything You Should Know Before Buying a Home

By Marci Deane • March 11, 2026
Thinking About Buying a Home? Here’s What to Know Before You Start Whether you're buying your very first home or preparing for your next move, the process can feel overwhelming—especially with so many unknowns. But it doesn’t have to be. With the right guidance and preparation, you can approach your home purchase with clarity and confidence. This article will walk you through a high-level overview of what lenders look for and what you’ll need to consider in the early stages of buying a home. Once you’re ready to move forward with a pre-approval, we’ll dive into the details together. 1. Are You Credit-Ready? One of the first things a lender will evaluate is your credit history. Your credit profile helps determine your risk level—and whether you're likely to repay your mortgage as agreed. To be considered “established,” you’ll need: At least two active credit accounts (like credit cards, loans, or lines of credit) Each with a minimum limit of $2,500 Reporting for at least two years Just as important: your repayment history. Make all your payments on time, every time. A missed payment won’t usually impact your credit unless you’re 30 days or more past due—but even one slip can lower your score. 2. Is Your Income Reliable? Lenders are trusting you with hundreds of thousands of dollars, so they want to be confident that your income is stable enough to support regular mortgage payments. Salaried employees in permanent positions generally have the easiest time qualifying. If you’re self-employed, or your income includes commission, overtime, or bonuses, expect to provide at least two years’ worth of income documentation. The more predictable your income, the easier it is to qualify. 3. What’s Your Down Payment Plan? Every mortgage requires some amount of money upfront. In Canada, the minimum down payment is: 5% on the first $500,000 of the purchase price 10% on the portion above $500,000 20% for homes over $1 million You’ll also need to show proof of at least 1.5% of the purchase price for closing costs (think legal fees, appraisals, and taxes). The best source of a down payment is your own savings, supported by a 90-day history in your bank account. But gifted funds from immediate family and proceeds from a property sale are also acceptable. 4. How Much Can You Actually Afford? There’s a big difference between what you feel you can afford and what you can prove you can afford. Lenders base your approval on verifiable documentation—not assumptions. Your approval amount depends on a variety of factors, including: Income and employment history Existing debts Credit score Down payment amount Property taxes and heating costs for the home All of these factors are used to calculate your debt service ratios—a key indicator of whether your mortgage is affordable. Start Early, Plan Smart Even if you’re months (or more) away from buying, the best time to start planning is now. When you work with an independent mortgage professional, you get access to expert advice at no cost to you. We can: Review your credit profile Help you understand how lenders view your income Guide your down payment planning Determine how much you can qualify to borrow Build a roadmap if your finances need some fine-tuning If you're ready to start mapping out your home buying plan or want to know where you stand today, let’s talk. It would be a pleasure to help you get mortgage-ready.