How It Works
A clear process with guidance at every stage.
Buying a home is one of the largest financial decisions you’ll make. Jeff simplifies the financing process by helping you understand your options, anticipate what’s ahead, and coordinate with everyone involved so your mortgage stays on track from application to closing.
- Plan your purchase — Review your income, debts, down payment, and goals to establish a realistic budget and financing strategy.
- Secure the right financing — Your application is matched with lenders whose programs best fit your circumstances, while Jeff manages the details, communication, and negotiations.
- Close with confidence — Financing conditions are satisfied, your lawyer receives the lender instructions, and everything is coordinated for a smooth closing day.
Getting Ready
Everything you need to know before you apply.
Lenders assess several factors together to determine how much they’re willing to lend and at what rate. Understanding these before you apply helps you know where you stand — and whether anything is worth addressing first.
- Affordability — Lenders assess affordability by comparing your income to both your housing costs (GDS) and your total monthly debt obligations (TDS) to determine how much you can comfortably qualify to borrow.
- Existing debt — Your current debt obligations are included in your affordability assessment. Before financing a vehicle, opening a new line of credit, or making large purchases, speak with Jeff to understand how those decisions could affect your mortgage approval.
- Credit score & history — Your credit score reflects how you've managed credit over time, including your payment history, credit utilization, and length of credit history. A strong score opens more lender options and better rates. Jeff will review your credit report and advise on whether to address anything before applying.
- Down payment size & source — The amount of your down payment influences your mortgage options, while lenders require documentation to verify the source of your funds, whether from savings, a gift, or an RRSP withdrawal.
- Mortgage stress test — Most borrowers must qualify at a higher interest rate established under federal mortgage regulations. This helps ensure your mortgage remains affordable if interest rates rise. Jeff will explain how the stress test applies to your situation and explore strategies to maximize your purchasing power.
Pre-qualification
A preliminary estimate of your borrowing capacity based on your stated income, debts, and down payment. No documents are verified, no credit report is reviewed, and no financing commitment is provided. It’s an excellent first step to help establish a realistic budget and understand your options before you’re ready for a full pre-approval.
Pre-approval
A pre-approval is a comprehensive review of your finances, including a credit check, verification of your income and employment, and supporting documentation. Once approved, you’ll receive a conditional commitment confirming the maximum mortgage amount you may qualify for and, in many cases, an interest rate held for 90 to 120 days.
A pre-approval gives you confidence when shopping for a home, demonstrates to sellers that your financing has been reviewed, and may protect you from interest rate increases while you search.
Jeff will recommend the right starting point based on your timeline, explain what documentation is required, and ensure you’re prepared when it’s time to make an offer.
Minimum down payment
- 5% on the first $500,000 of the purchase price
- 10% on the portion above $500,000 up to $1,499,999
- 20% or higher on purchase price $1,500,000 and above
Closing costs to budget for
Budget an additional 1.5–4% of the purchase price on top of your down payment.
- Property transfer tax — first-time buyers in BC may be partially or fully exempt
- Legal or Notary Fees & Disbursements
- Home inspection
- Property Appraisal (if required by the lender)
- Title insurance
- Adjustments - Prorated to closing date (property taxes, utilities, strata fees, etc.)
- Moving costs
- GST (on most newly constructed homes)
Gathering these before you need them keeps the process moving once you find a property. Most lenders will ask for some or all of the following:
- Government-issued photo ID — Two pieces required
- Pay stubs — Dated within 60 days of approval and includes the employer and borrower name, Rate and Period of pay, year to date income
- Letter of Employment - Dated within 60 days of approval, on company letterhead and signed by the appropriate authority and includes; borrower's name, length of employment, date of hire, position, employment status, rate of pay and guaranteed hours per week.
- T4 slips, Notice of Assessment, T1 General - Two years of each
- Schedules - Statement of Real Estate Rentals and Statement of Business or Professional Activity
- Down payment - Bank statements for 90 days showing funds and Gift Letter if applicable
- Property information - Signed offer to purchase, MLS listing, Strata documents
Self-employed borrowers require additional documentation. See the self-employed section for details.
First-Time Buyers
Programs available to first-time homebuyers.
Several federal and provincial programs can meaningfully reduce what you need upfront. Jeff will confirm eligibility and current limits during your first conversation.
- First Home Savings Account (FHSA) — Tax-deductible contributions and tax-free withdrawals for a qualifying purchase. Worth opening early if you're planning to buy within the next few years.
- RRSP Home Buyers' Plan (HBP) — Withdraw from your RRSP tax-free at purchase, with repayment required over a set period.
- First-Time Home Buyers' Tax Credit — A non-refundable federal tax credit in the year of purchase.
- BC Property Transfer Tax Exemption — Purchases below a set threshold in BC may be partially or fully exempt.
New to Canada
Mortgage options for newcomers.
Many lenders offer programs for newcomers without established Canadian credit history. Jeff understands the documentation and eligibility requirements at various stages of immigration status.
- Arrived in Canada within the last 5 years (most programs)
- Permanent Resident Card, Confirmation of Permanent Residence (COPR), or valid Work Permit
- Stable employment and verifiable income
- Minimum down payment
- Proof of available closing costs
- Canadian or acceptable alternative credit history (depending on the lender)
- Social Insurance Number
Opening a Canadian bank account and credit card early, paying bills on time, and keeping balances low all build the credit history that strengthens a future application. The earlier you speak with Jeff, the better positioned you’ll be.
Get Started
Have questions about buying a home in BC?
No obligation. Whether you’re months away or just beginning to explore, a conversation with Jeff costs nothing and clarifies everything.