Buying a home is one of the biggest financial decisions you’ll ever make. Understanding how the mortgage process works can help you move forward confidently and avoid costly mistakes.
Step 1: Assess Your Financial Health
Start by reviewing:
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Your credit score
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Monthly income and expenses
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Existing debts
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Savings for a down payment
In Canada, a stronger credit score typically means better mortgage rates.
Step 2: Determine Your Budget
Factor in:
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Down payment
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Property taxes
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Insurance
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Closing costs
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Maintenance expenses
A mortgage should support your lifestyle — not strain it.
Step 3: Get Pre-Approved
Pre-approval:
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Shows sellers you’re serious
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Locks in an interest rate (for a limited time)
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Clarifies how much you can borrow
Step 4: Shop for the Right Mortgage
Compare:
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Fixed vs variable rates
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Mortgage terms (1–5 years)
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Amortization periods
Step 5: Submit Your Application
You’ll provide:
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Employment verification
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Tax returns
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Bank statements
Step 6: Close the Deal
Once approved:
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Sign documents
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Pay closing costs
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Receive your keys
Need help navigating the process? Divine Kreation helps buyers connect with trusted mortgage professionals and secure the right property with confidence.