BC Mortgage payment calculator
If you're thinking about buying a home, there are a number of costs you'll need to put cash aside for in addition to your down payment. These costs depend on a number of factors including things like what kind of home you are buying (i.e. house vs. condo) and where the home is located.
Pre-Qualified vs Pre-Approved
A mortgage pre-qualify is a great start BEFORE you go house-hunting. It gives you:
- The opportunity to connect with a mortgage broker and learn how mortgages work and the financial details you'll need to have readily available.
- A ballpark idea of what house price and in what neighborhood you could buy
Which lender and mortgage products may be best for your situation - A sense of the rate-type and term that may work for your budget (e.g. how to get lower mortgage payments?)
- The ability to review or adjust your current finances, including getting your down payment together, or improving your credit score
A mortgage pre-approval is an essential step for WHEN you start house-hunting. You'll get:
- A more accurate idea of the size of mortgage you can afford (you'll provide more financial information than for a pre-qualify)
- The lender and mortgage type that is best for your situation
The ability to hold an interest rate for up to 120 days (a credit check is done by the lender to ensure eligibility) - The financial pieces in place to be taken seriously by realtors and sellers
- A quicker and easier close on your mortgage application, as you've already been pre-checked by a lender