Spring is here in Niagara! If you find yourself thinking less about an Easter egg hunt and more about a house hunt, then you’ll want to reach out to a McGarr REALTOR® to start your search!

The golden rule for taking on any important task is this: be prepared! When it comes to house hunting, Niagara numbers have shown you’ll need to be ready to act fast if you want to be successful. One of the best ways to prepare for Niagara’s fast-moving housing market is to get pre-approved for a mortgage.

A mortgage pre-approval is an application process that provides key information about your housing budget:

  • The maximum amount your lender will allow you to borrow for the purchase of a home
  • The mortgage rate for your first term
  • The monthly mortgage payment if you borrow the full amount from the lender

A mortgage pre-approval is your guarantee from the lender for the mortgage rate you will receive. Most pre-approvals are valid for 120 to 160 days, which means even if interest rates go up, your lender has to honour the lower rate. As a bonus, if mortgage rates drop after you obtain your pre-approval, your lender will adjust your rate to match. Mortgage pre-approvals help to ease some of the uncertainty you can feel while house hunting. By knowing your approved mortgage rate ahead of time, you can plan your budget ahead of time.

To be pre-approved for a mortgage, you will need to provide a list of documentation to determine your eligibility. Your mortgage broker or lender will ask you for your proof of employment to determine how much of a mortgage payment you can afford. The lender will review your income and employment history. As part of this assessment, you may need to provide information about debts such as car loans and credit cards.

Tax documents may also be required as well as your list of assets. You will also need to provide proof that you can pay for a down payment and closing costs associated with the purchase of a home. Speak with your advisor to find out the full list of what you’ll need for your mortgage pre-approval.

Our McGarr Team can’t recommend an online mortgage pre-approval enough! Being pre-approved gives you a competitive advantage for securing the home of your dreams. You’ll save time in your search because you’ll be able to focus on homes within your budget. Our REALTORS® will be able to quickly put together a list of potential homes that fit your price.

Mortgage pre-approvals also help to speed up the buying process. You’ll show sellers that you’re serious and ready to put in an offer!

With a McGarr REALTOR® and a mortgage pre-approval on your team, not only will you find the right fit, you'll increase your chances of being the happy homebuyer whose offer was accepted.

Call our office at 905-687-9229 in St. Catharines, or 905-468-9229 in Niagara-on-the-Lake. Or send us a message on our contact page, HERE.


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