Why Getting Pre-Approved Should Be Your First Step in the Home Buying Journey

General Craig Barton 13 May

Why Getting Pre-Approved Should Be Your First Step in the Home Buying Journey
By Craig Barton, Licensed Mortgage Broker in British Columbia

If you’re thinking about buying a home in British Columbia—whether it’s your first purchase or you’re upgrading—there’s one essential step you should take before you even start browsing listings: getting pre-approved for a mortgage.

As a mortgage broker serving clients across BC, I’ve seen time and again how pre-approval can make the difference between a smooth, confident home-buying experience and a stressful, uncertain one. Here’s why this step is so critical:

1. Know What You Can Afford

In today’s fast-moving real estate market, especially in areas like Vancouver, Victoria, and the Fraser Valley, you need to have a clear understanding of your buying power. A pre-approval helps define your price range by showing you how much a lender is willing to loan you based on your current income, credit, and debt levels.

This helps avoid the disappointment of falling in love with a home that’s outside your budget—and it keeps your home search focused and realistic.

2. Lock In a Competitive Interest Rate

Many lenders will allow you to hold or “lock in” an interest rate for 90 to 120 days with a pre-approval. This can be a major advantage, especially if rates are expected to rise. It gives you some financial stability while you shop, and if rates go down, you can often still qualify for the lower rate.

3. Stand Out to Sellers

In a competitive market, sellers want serious buyers. Having a mortgage pre-approval shows that you’re financially qualified and ready to move forward. This can strengthen your offer—sometimes even giving you an edge over higher bids from buyers who haven’t secured pre-approval.

4. Uncover Potential Issues Early

Getting pre-approved can also reveal financial or credit issues that might hinder your ability to qualify for a mortgage. The sooner we identify these, the more time we have to correct or improve your financial standing before you make an offer.

5. Save Time and Reduce Stress

Pre-approval simplifies your path to a final mortgage approval once you have an accepted offer. Since much of the documentation and vetting has already been done, the closing process tends to go faster and with fewer surprises.


What’s Involved in the Pre-Approval Process?

As your mortgage broker, I’ll walk you through every step. This typically includes:

  • Reviewing your income, debts, assets, and credit

  • Gathering key documents (pay stubs, tax returns, etc.)

  • Determining how much you can borrow and what type of mortgage suits you best

  • Exploring mortgage options from a variety of lenders—not just the banks

The process is straightforward, and my role is to make it as stress-free and transparent as possible.


Ready to Start?

If you’re considering purchasing a home in BC, let’s start with a quick conversation. I can guide you through the pre-approval process and answer any questions you have about your mortgage options. Whether you’re buying in Vancouver, Kelowna, Surrey, or anywhere in between, I’m here to help you make informed, confident decisions.

Contact me today to get pre-approved—your future home is waiting.


Top Mortgage Solutions for First-Time Homebuyers in Canada

General Craig Barton 7 May

🏡 Top Mortgage Solutions for First-Time Homebuyers in Canada

1. First-Time Home Buyer Incentive (FTHBI)

This federal program offers shared equity loans of 5% or 10% of the purchase price of your home. The government essentially helps you with part of the down payment in exchange for a stake in the home’s future value.

  • Reduces your monthly mortgage payments

  • No ongoing payments required; repay when you sell or after 25 years

  • Available for homes under a specific price cap based on your region

Note: The FTHBI is being phased out in some markets, so let’s discuss whether it’s still an option in your area.

2. Home Buyers’ Plan (HBP)

The Home Buyers’ Plan allows you to withdraw up to $60,000 (effective April 2024) from your RRSP tax-free to use as a down payment.

  • Must repay over 15 years

  • Each partner in a couple can withdraw, effectively doubling your available funds

  • Must be a first-time buyer (or not have owned a home in the last four years)

3. Tax-Free First Home Savings Account (FHSA)

Introduced in 2023, the FHSA combines the best features of an RRSP and TFSA. It allows you to save for your first home tax-free.

  • Contribute up to $8,000 per year, to a lifetime max of $40,000

  • Contributions are tax-deductible, and withdrawals for a first home are tax-free

  • Can be used in combination with the HBP

This account can supercharge your down payment savings strategy if you start early.

4. Land Transfer Tax Rebates

If you’re buying in Ontario, British Columbia, or Prince Edward Island—or in cities like Toronto—you may be eligible for land transfer tax rebates for first-time buyers:

  • Ontario: Up to $4,000 rebate

  • Toronto: Additional municipal rebate of up to $4,475

  • BC: Rebates for homes under $500,000 (partial rebates up to $525,000)

We’ll make sure you apply for every rebate you’re eligible for to lower your closing costs.


🧰 Mortgage Options Built for First-Time Buyers

Even beyond government programs, there are flexible mortgage products available to help make homeownership more affordable:

🔹 Insured Mortgages

If you’re putting down less than 20%, your mortgage must be insured through CMHC, Sagen, or Canada Guaranty. While this adds an insurance premium to your loan, it:

  • Allows for down payments as low as 5%

  • Comes with competitive interest rates

  • Helps first-time buyers qualify more easily

🔹 Fixed vs. Variable Rates

Choosing between a fixed and variable rate can feel confusing. I’ll walk you through the pros and cons based on your budget, risk tolerance, and market conditions.

🔹 Flexible Prepayment Options

Many first-time buyers want to pay down their mortgage faster. I’ll help you choose a mortgage with options like:

  • Lump-sum payments

  • Double-up payments

  • Early renewal with minimal penalties


🗂️ Why Work With a Mortgage Broker?

As a mortgage broker, I’m not tied to one bank. That means I can shop around on your behalf and find the most competitive rate and product—including lender-exclusive offers and first-time buyer perks you won’t find on your own.

Here’s how I help:

  • Compare dozens of lenders to find the right fit

  • Help you get pre-approved and understand your maximum affordability

  • Advise you on how to combine government programs for maximum benefit

  • Support you through the entire process—from application to closing day


👣 Next Steps for First-Time Buyers

Ready to start your journey to homeownership? Here’s how to begin:

  1. Let’s talk about your goals and financial situation

  2. Get pre-approved so you know your budget

  3. Explore programs and mortgage solutions customized for you

  4. Find your dream home—and I’ll take care of the financing

📞 250-863-9947
📧 craig@craigbarton.ca
🌐 craigbarton.ca


Buying your first home is a big step—but you don’t have to do it alone. Let’s make your dream home a reality.