Introduction to Financing

When you're looking to buy a home, it's important to understand the steps for getting a mortgage. The information provided in this section should always be verified by a mortgage professional. For a list of lenders that Kevin recommends, go to the Mortgage Professionals section. Any of the professionals listed will be happy to work with you on your mortgage.

Mortgage Terminology

Before approaching lenders, you should get to know some basic mortgage concepts. You can start by visiting the Glossary Section and read up on mortgage-related terms. Schedule a private Home Buyers Info Session with Kevin for a detailed description of the steps you will take as you get your mortgage.

Get Pre-Approved

Pre-approval of a mortgage is when your lender has reviews all your financial information and determines the maximum amount of money you can borrow. The advantages include that you:

Where to Get Pre-Approved

Many banks and financial institutions are competing for your business so it makes sense to shop around for a mortgage. Most lenders will reduce their posted interest rate so don't be shy about bargaining. Your ability to bargain for a low rate and a flexible mortgage will often depend on how much business you have with the institution. You can contact banks and credit unions directly, or work with a mortgage broker. A broker will help you find a lender and the best mortgage package.

Once you have selected your lender, you will need to provide your financial information. Your lender will want:

After your application is complete, you will know how much you can borrow and you will be ready to start searching for a home.

Mortgage payment tips

Whether you're a first-time buyer or you've decided to refinance your home, consider the following money-saving steps when calculating your mortgage payments: