Get Mortgage Approved Faster: Your Step-by-Step Guide to Stress-Free Home Financing
- Adriano Di Nardo
- Apr 26
- 4 min read
Updated: May 4
Securing a mortgage is a critical first step in your home buying journey. Whether you're a first-time buyer or looking to upgrade, refinance, or invest, getting pre-approved helps you understand your budget, increases your negotiating power, and puts you on the path to successful homeownership.
I’m Adriano Di Nardo, Sales Representative at Intercity Realty Inc., Brokerage, and I work with a trusted network of mortgage professionals to help my clients navigate the mortgage approval process with confidence and clarity. This guide will walk you through everything you need to know about getting pre-approved and approved for a mortgage in the Greater Toronto Area (GTA).
Why Mortgage Pre-Approval Matters
Before you start browsing listings or booking showings, it’s essential to know how much you can afford. A mortgage pre-approval gives you a realistic price range and demonstrates to sellers that you’re a serious and qualified buyer.
Key Benefits of Getting Pre-Approved:
Know Your Budget: Avoid wasting time on homes outside your financial reach.
Stronger Offers: Sellers prefer buyers who are already pre-approved.
Better Negotiation Power: You’ll have the confidence to move quickly and negotiate firmly.
Protect Yourself from Rate Hikes: Many lenders offer rate holds for up to 120 days.
What Lenders Look For
Lenders evaluate several factors when assessing your mortgage application:
1. Credit Score
Your credit score is a reflection of your financial responsibility. Most lenders require a score of at least 620–680, though the best rates are reserved for those above 700.
2. Employment & Income
Stable employment and consistent income are key. Lenders will review your job history, current salary, bonuses, and other sources of income like investments or rental income.
3. Down Payment
The minimum down payment in Canada is:
5% for homes under $500,000
10% for the portion between $500,000–$999,999
20% for homes $1 million+
A larger down payment can reduce your monthly payments and may eliminate the need for mortgage insurance.
4. Debt-to-Income Ratio
Lenders use your Gross Debt Service (GDS) and Total Debt Service (TDS) ratios to determine how much debt you can reasonably carry.
5. Assets & Liabilities
You’ll be asked to declare all your assets (e.g., savings, RRSPs, vehicles) and liabilities (e.g., loans, credit cards) to assess your overall financial health.
Types of Mortgages Available
There are several mortgage products to choose from depending on your goals and financial situation:
1. Fixed-Rate Mortgage
Interest rate remains the same for the term (typically 1 to 5 years)
Ideal for buyers who want predictability in their payments
2. Variable-Rate Mortgage
Rate fluctuates based on market conditions (linked to prime rate)
Can offer lower initial rates but more risk if rates rise
3. Open vs. Closed Mortgages
Open mortgages allow early repayment with no penalties (higher rates)
Closed mortgages have lower rates but come with penalties for early payoff
4. High-Ratio vs. Conventional Mortgages
High-ratio: Less than 20% down payment, requires mortgage insurance (CMHC, Sagen, or Canada Guaranty)
Conventional: 20% or more down, no mortgage insurance required
The Mortgage Pre-Approval Process
Getting pre-approved is simple when you have the right support. Here’s how I guide you through it:
Step 1: Initial Consultation
We begin with a conversation about your financial goals, current situation, and target property type and location. I’ll then refer you to trusted mortgage professionals who align with your needs.
Step 2: Documentation
To get pre-approved, you’ll typically need:
Government-issued ID
Proof of income (pay stubs, employment letter)
Tax documents (T4s, NOAs)
Bank statements
Credit report (usually pulled by lender)
Step 3: Application & Review
Your mortgage advisor will submit your application and assess your credit, debt load, and income. They’ll determine your maximum mortgage amount and outline your monthly costs.
Step 4: Get Your Pre-Approval Letter
Once approved, you’ll receive a mortgage pre-approval letter that you can include with your offers to strengthen your position.
Getting Final Approval
Pre-approval is just the first step. Once you find a property and your offer is accepted, your mortgage advisor will finalize the loan.
Additional Steps:
Provide purchase agreement
Property appraisal may be required
Home inspection results (if applicable)
Final income and employment verification
Upon approval, the lender will issue a mortgage commitment letter and instructions to your lawyer for closing.
Mortgage Tips for First-Time Buyers
If you’re buying your first home, here are some tips to make the process easier:
1. Explore First-Time Buyer Incentives
First-Time Home Buyer Incentive (FTHBI)
RRSP Home Buyers' Plan
Land Transfer Tax Rebates (federal and provincial)
2. Don’t Max Out Your Budget
Stay below your maximum approval limit to leave room for other expenses.
3. Understand Closing Costs
Aside from your down payment, you’ll need funds for:
Land transfer tax
Legal fees
Title insurance
Moving costs
Property tax adjustments
4. Keep Your Finances Steady
Avoid big purchases or opening new credit lines during the approval process.
Refinance, Renew, or Switch
Already own a home? I can help you connect with mortgage professionals who specialize in:
1. Refinancing
Access equity in your home for renovations, investments, or debt consolidation.
2. Renewal
Ensure you’re getting the best rate and terms when your mortgage is up for renewal.
3. Switching Lenders
Transfer your mortgage to a new lender for better rates or service without breaking your mortgage.
Why Work With My Mortgage Partners?
Over the years, I’ve built strong relationships with top-performing mortgage brokers and financial institutions across the GTA. When you work with me, you benefit from:
✅ Fast and flexible approvals
✅ Access to a wide range of lenders (big banks, credit unions, private lenders)
✅ Competitive rates and custom solutions
✅ Expert advice tailored to your situation
✅ Smooth communication between agent, broker, and lawyer
Let’s Build Your Mortgage Game Plan
Whether you’re ready to buy, want to understand your options, or simply explore your affordability, I’m here to help connect you with the right mortgage solution. Together, we’ll build a plan that makes your real estate goals a reality.
What You’ll Gain:
Personalized affordability assessment
Access to expert mortgage advice
Competitive pre-approvals
Peace of mind before making an offer
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