Purchasing

Whether it’s your first, second or forever home purchase, we’ll create a custom solution for you.

Pre-Approvals

So you went online and 60 seconds later, you’re pre-approved … sounds too good to be true, right? We’re not here to joke around—you’re about to make the biggest purchase of your life. You shouldn’t rely on an app to tell you what you can and cannot afford. Being GreaterThan, means going above and beyond industry standards. At indi Mortgage, we’re dedicated to offering you a fully comprehensive pre-qualification process, where we work to review your information up front, not ask for it later. We even have real humans reviewing your application! This gives you the confidence and empowers you with the knowledge to successfully begin your house hunt.

The Difference Between Pre-Qualification and Pre-Approval

Nowadays, the term “pre-approval” is thrown around far too lightly. Not all pre-approvals are created equally. Some are offered online through an app, others at your local bank, and some are completed by licensed mortgage professionals. It’s no wonder it can be difficult to know the difference.

When you’re about to make the largest purchase of your life, you need to trust the source of information. Simply put:

  • Apps rely on the accuracy of user input and have a limited scope.

  • A licensed mortgage professional provides expert guidance based on verified information.

Pre-Qualification vs. Pre-Approval

Both options consist of three main components:

  1. Income verification

  2. Proof of down payment

  3. Credit check

Without these three key components, a “pre-approval” is unfortunately not valid.

Pre-Qualification: A licensed mortgage professional reviews the above items to determine affordability based on the Bank of Canada’s qualifying rate and the government’s debt servicing ratio guidelines.

Pre-Approval: Takes pre-qualification a step further. A lender reviews your application, and their underwriter issues a Pre-Approval Certificate. Be cautious—some banks issue pre-approvals without an underwriter's review. In the broker world, a true pre-approval means an underwriter has evaluated your application.

Types of Homes

Different property types require different financing options. The main categories include:

  1. Existing Homes

  2. New Construction

  3. Secondary or Vacation Properties

Existing Homes

Existing homes include single-detached, semi-detached, townhomes, and condominiums. Key distinctions:

  • Freehold Properties: No condo or maintenance fees (e.g., single-detached, semi-detached).

  • Condominium Properties: May include fees and come in various forms (e.g., high-rise condos, stacked homes, or townhomes).

Closing dates for existing homes typically range from 30 to 90 days after the Offer to Purchase is accepted. This timeline aligns well with most lenders’ rate guarantees of up to 120 days.

New Construction

New construction allows customization but typically exceeds the 120-day rate guarantee period offered by most lenders.

Key considerations:

  • Rate Resets: Rates may “reset” every 120 days until closing (depending on the lender).

  • New Construction Condos: Builders often include an “Occupancy Date” (when you move in) and a later “Registration Date” (when you officially own the property). Registration delays can vary depending on the builder, project progress, and city processes.

Secondary or Vacation Properties

Dreaming of a cottage or ski chalet? Our team at indi Mortgage specializes in financing for your dream second home.

Investing in Real Estate

Our professionals can help you identify investment opportunities and maximize your portfolio.

We have access to specialized lenders who cater to real estate investors, especially those who have reached maximum affordability with major banks. Want to learn more? We’d love to guide you through this specialized option.

It’s not a calculator, it’s a conversation

Getting the best mortgage is not just about the rate. An indi mortgage expert can show you why the type of mortgage product you choose can make all the difference. The potential to save thousands of dollars while securing a competitive rate? Sign us up.