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 … that 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.  We don’t want you to rely on some app to tell you what you can and cannot afford.  GreaterThan Mortgage Lending is dedicated to offering you a fully comprehensive pre-qualification process so that you may confidently begin your house search.

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, some at your local bank, and others are completed by a licensed mortgage professional, so 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 want to be able to trust the source of information.  Simply put, an app relies on the accuracy of the information input by the user for validation and has a limited scope, so it’s best to leave pre-qualifying and pre-approval to a true expert/human being.

What is the difference between a pre-qualification and a pre-approval?  Both options consist of 3 main components:
  1. Income verification
  2. Proof of down payment
  3. Credit check

Without these 3 key components, the “pre-approval” is unfortunately not valid.  Being pre-qualified means a licensed mortgage professional has reviewed the above 3 items and determined your affordability using the Bank of Canada’s qualifying rate and the government’s guidelines for your debt servicing ratios.  A pre-approval follows these same guidelines but goes one step further by having a lender actually review your application.  Buyer beware, there are some banks that will issue a “pre-approval” without having one of their underwriters actually look at the application.  In the broker world, if you receive a pre-approval letter, it means an underwriter has actually placed eyes on your application and issued that Pre-Approval Certificate.

Types of Homes

Different types of properties require very different financing options. There are specifically three main categories when dealing with the mortgage world: Existing Homes, New Construction, and Secondary or Vacation Properties.

Existing Homes

When looking to purchase an existing home, there are many different types of homes from single-detached to semi-detached, townhomes and condominiums.  The key difference in existing homes that can impact your overall mortgage affordability is whether or not the home is a “Freehold” property or a “Condominium”.  Freehold properties do not have any type of condo or maintenance fee and are normally single-detached, semi-detached, or some types of townhomes.  Condominium properties come in all sorts of shapes and sizes from high-rise apartment-style condos, stacked homes and even some types of townhomes.

Most existing homes will have a closing date anywhere from 30 up to 90 days from the date that your Offer to Purchase is accepted.  This timeline is great, as most lenders offer a rate guarantee up to 120 days.

New Construction

New Construction Homes are new properties waiting to be built.  These can be a great option for buyers to customize the details of their new home however they normally take longer than 120 days to complete.  Since most lenders only offer a rate guarantee for 120 days, this means your new construction home will most likely have its’ rate “reset” every 120 days, or until closing.  

Another key item to consider with new construction is a new construction condominium.  In most new-build condo projects, the Builder includes an “Occupancy Date” which is the date you can receive the keys to your new condo and move in.  However, your new mortgage does not start at occupancy because you do not technically “own” the condo until the “Registration Date”.  The Registration date is when the Condo Corporation registers with the City so depending on the Builder, the progress of the project and the City in which it is in, your Registration Date could be several months after your Occupancy Date.

Secondary or Vacation Properties

Ever dreamed of owning a cottage and/or ski chalet?  Look no further as our team of experts at Greater Than Mortgages can assist you with financing for that dream second home purchase.

Investing in Real Estate

Our team of professionals has the experience to help you identify unique investment opportunities as well as maximize your current investment portfolio.  We have access to specialized lenders who offer programs specifically for real estate investors who are looking to grow their current portfolio but have reached their maximum affordability with the major banks.  Want to know more?  We’d love to help you explore this specialized option.

Getting a mortgage doesn’t have to be complicated.

Start the process
A single line drawing of two people doing handstands