New Mortgage Qualification Tool on Realtor.ca
New Mortgage Qualification Tool on Realtor.ca
Brought to you by the REALTOR.ca Team – View All Contributors
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Buying a home is one of the most exciting milestones in your life—but let’s be honest, it can also feel overwhelming. Between browsing listings, crunching numbers, and figuring out your budget, the process can leave even the most prepared home buyers with questions.
That’s why REALTOR.ca is thrilled to announce you can now get qualified for a mortgage without leaving Canada’s No. 1 real estate platform, empowering you to navigate the home buying process faster and easier!
Whether you’re just starting to explore your options, or you’re ready to take the plunge, this mortgage tool is here to help you understand exactly where you stand financially—so you can focus on finding the home of your dreams.
Why This Mortgage Tool is a Game-Changer
At REALTOR.ca, we’re all about empowering you to make informed decisions. The new mortgage qualification tool on REALTOR.ca is your personal guide to understanding your financial readiness. Here’s what makes it so valuable:
- Quick and free—Get a full mortgage qualification, with no cost to you.
- Clarity and confidence—Know exactly how much home you can afford before you start house hunting, so you can focus on properties that fit your budget.
- Effortless access —This tool is available on REALTOR.ca so you can use it while browsing listings without needing to visit another platform.
How It Works: Simple, Fast, and Stress-Free
The mortgage qualification tool is designed to be intuitive and user-friendly. Here’s a step-by-step look at how it works:
- Choose your mortgage type. Whether you’re buying, refinancing, or renewing, select the option that fits your needs.
- Pick a lender or broker. Decide whether you’d like to work directly with a lender or a brokerage to help you through the process.
- Create an account. Sign up to save your progress and allow lenders to contact you with personalized offers.
- Apply solo or with a partner. Whether you’re applying on your own or with a co-applicant, the tool makes it easy to include all the necessary details.
- Provide your financial details. Fill in information about your income, employment, and expenses to build a complete picture of your financial situation.
- Upload supporting documents. Securely upload documents like pay stubs or tax returns to strengthen your application.
- Verify your assets. Connect to your bank to confirm your assets and liabilities, ensuring the most accurate results.
- Run a credit check. The tool will perform a soft credit check (this won’t affect your score) to verify your financial profile.
- View your mortgage offers. Once your details are confirmed, you’ll receive a list of mortgage products tailored to your financial situation.
Tips to Boost Your Mortgage Qualification Odds
While the tool makes it easy to see where you stand, a little preparation can go a long way in improving your chances of qualifying for a mortgage. Here are some practical steps to get started:
- Check your credit score. Your credit score is one of the most important factors lenders consider. Most require a minimum score, so it’s a good idea to check where you stand before applying. (Don’t worry—checking your own score won’t have a negative impact on it.)
- Review your credit report. You’re entitled to a free credit report every 12 months from each of the major credit bureaus. Take the time to review yours for errors, like incorrect payment statuses or outdated account information. If you spot any mistakes, file a dispute to have them corrected.
- Get a sense of your budget before you start hunting for a home. It’s important to know how much you can afford. Use REALTOR.ca’s Affordability Calculator to estimate your budget, and don’t forget to factor in additional costs like property taxes, insurance, and closing fees.
Ready to Take the Next Step?
Buying a home doesn’t have to feel overwhelming. With the new mortgage qualification tool on REALTOR.ca, you can approach the process with confidence and clarity. Whether you’re just starting to explore or you’re ready to make an offer, this tool is here to help you achieve your home buying goals.
Try it today and take the first step toward finding your dream home!
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Now that you’ve got an idea of your affordable price range you’re ready to start looking into what’s available in your desired neighbourhood – but you’ll need some help.
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