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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How to Finance a Spousal Buyout After Separation or Divorce

By Marci Deane • November 4, 2026
Mortgage Options During Divorce or Separation: What You Should Know If you’re going through—or considering—a divorce or separation, you may not realize that there are mortgage solutions specifically designed to help one party keep the home . For many people, the family home is their largest asset and where most of their equity is tied up. In situations like this, a spousal buyout program can allow one person to refinance the property and buy out the other party’s share—often up to 95% of the home’s value . This option can work whether you want to keep the home or your former partner does. What Is the Spousal Buyout Program? The spousal buyout program is a refinancing option that allows one owner to purchase the other owner’s share of the property as part of a separation or divorce settlement. In some cases, it can also be used to pay off jointly held debts, as outlined in a legal agreement. Below are some of the most common questions about how the program works. Is a finalized separation agreement required? Yes. Lenders require a signed and finalized separation agreement that clearly outlines how assets and debts are to be divided. This document is essential for approval. Can the funds be used for renovations or personal debts? No. Funds from a spousal buyout can only be used to: Buy out the other owner’s share of equity Pay off joint debts specifically listed in the separation agreement They cannot be used for renovations, personal loans, or unrelated expenses. How much equity can be accessed? The maximum amount available is the amount required to: Buy out the other party’s agreed-upon share of equity Pay off any joint debts listed in the agreement This amount cannot exceed 95% loan-to-value . What is the maximum loan-to-value allowed? The maximum loan-to-value is the lesser of : 95%, or The remaining mortgage balance plus the required buyout and joint debt payout The property must be the primary owner-occupied residence . Do all parties need to be on title? Yes. All individuals involved in the buyout must currently be registered on title. Your solicitor will confirm this through a title search. Does this only apply to married or common-law couples? No. While commonly used for married or common-law couples, the program may also apply to siblings or friends who jointly own a property and need one party to exit the mortgage. These cases are typically reviewed on an exception basis and require insurer approval. If no separation agreement exists, the purchase contract must clearly outline the buyout terms. Is a full appraisal required? Yes. A physical, on-site appraisal is required to confirm the property’s value before the mortgage can be finalized. Final Thoughts This overview covers some of the most common questions about mortgage options during separation or divorce, but every situation is different. Working with an independent mortgage professional gives you access to multiple lenders, specialized programs, and unbiased advice—so you can clearly understand your options and choose what’s best for your future. If you’re navigating a separation and need guidance around keeping or selling the home, feel free to connect anytime. All conversations are handled with discretion and confidentiality, and I’d be happy to walk you through your options.

Bank of Canada Raises Rate to 2.5% — October 28, 2026

By Marci Deane • October 28, 2026
On October 28, 2026, the Bank of Canada raised its key interest rate by 0.25%, bringing it to 2.5%. If you have a mortgage, are shopping for a home, or have a renewal coming up, this decision matters. Here is a plain-language look at what changed, why it happened, and what it could mean for you.

How to Legally Assign a Construction Mortgage

By Marci Deane • October 21, 2026
Why More Mortgage Options Matter—Especially for Assignment Purchases One of the biggest advantages of working with an independent mortgage professional is access to choice. Instead of being limited to one lender and one set of products, mortgage brokers work with multiple lenders—each with different guidelines, risk tolerances, and mortgage solutions. That flexibility becomes especially valuable when your situation doesn’t fit neatly into a “standard” box. A great example of this is purchasing new construction through an assignment contract . Why Assignment Purchases Can Be Challenging Assignment purchases are often viewed as higher risk by traditional lenders. Rather than declining these deals outright, many lenders quietly make them difficult by adding layers of conditions, restrictions, or uncertainty. This can lead to delays, frustration, or financing falling apart late in the process. The Good News There are lenders—available exclusively through the broker channel —that have clear, favourable policies for assignment purchases. With the right lender and proper planning, these transactions are absolutely doable. Typical Financing Requirements for Assignment Purchases While every situation is unique, many lenders that allow assignment financing look for the following: Standard purchase qualification, including income verification, credit, and down payment Assignments accepted at either the original purchase price or current market value Minimum 620 credit score , with no prior bankruptcies or consumer proposals The full down payment must come from the purchaser —seller incentives cannot be used Required Documentation To secure financing, lenders typically require: The original purchase agreement signed by all parties The MLS listing (if applicable) The assignment agreement signed by the builder, original purchaser, and new buyer Any side agreements outlining changes to the purchase price A full appraisal to confirm value This list isn’t exhaustive, but it highlights that while assignment purchases require more coordination, they are very achievable with the right lender and guidance. Final Thoughts Assignment contracts can open doors to great opportunities—but only if your financing supports the transaction. This is where access to multiple lenders and specialized policies makes a real difference. If you’re considering purchasing new construction through an assignment, or if you’d like to explore more traditional purchase options, feel free to connect anytime. I’d be happy to walk you through the mortgage products available and help you choose an option that doesn’t limit your financing possibilities.