NOTE: The following information is provided by Kevin McKeown, Mortgage Development Manager, National Bank of Canada.

Establishing your budget, before you start house hunting, is the most important step.  You’ll need to decide how much you can afford in monthly payments (including mortgage payments, property taxes, utilities, maintenance, condo fees, etc..). 

Meeting with a Mortgage Professional, is the best place to start. The Mortgage Professional will evaluate your current financial situation to determine your Mortgage Pre-Approval limit. This typically involves a review of your income, bank accounts, job history, credit history, monthly expenses (included credit cards, car payments, etc..). From this review, the Mortgage Professional can provided a “Pre-Approved Mortgage” amount, thus establishing the maximum amount the lender will provide for your home purchase. 

Please keep in mind that a pre-approval is “pre-approving” you as a Buyer, and is based on your financial situation, income, job stability, etc.., it is NOT a Final Approval.  Once you have found a property and your offer has been accepted, then the property and purchase price must be verified and approved. 

To arrange for your free, no obligation, mortgage pre-approval, contact:

Kevin McKeown
Mortgage Development Manager
National Bank of Canada
Phone: 613-218-2225
Email:  k.mckeown.nbc@videotron.ca