Buying a home is one of the biggest financial decisions you’ll ever make.
Whether you’re a first-time homebuyer in Barrie or upgrading your property in Simcoe County, getting pre-approved for a mortgage is a smart first move. Pre-approval gives you a clear budget, boosts your confidence when house hunting, and shows sellers you’re a serious buyer.
At Expert Mortgage, we help clients across Barrie and Simcoe County navigate the mortgage process with ease. Here’s a step-by-step guide on how to get pre-approved for a home loan in Ontario.
✅ Step 1: Check Your Credit Score
Before applying for a mortgage pre-approval, it’s essential to know where you stand financially. Your credit score is one of the key factors lenders consider when determining your eligibility for a home loan.
Tips:
Obtain a free credit report from Equifax or TransUnion.
Review for errors or outstanding debts.
Aim for a score of 680 or higher for the best rates in Barrie.
✅ Step 2: Gather Your Financial Documents
To get pre-approved, lenders will ask for several documents that verify your income, assets, and debts. Preparing these ahead of time will speed up the process.
You’ll need:
Recent pay stubs
Employment letter
Bank statements
Notice of Assessments (past 2 years for self-employed)
List of assets and liabilities
✅ Step 3: Determine Your Budget
Knowing how much you can afford before you start shopping for homes can save you time and disappointment. A pre-approval will give you a clear idea of your borrowing limit based on your income, debts, and down payment.
Use an online mortgage calculator or speak with one of our Barrie mortgage advisors for a personalized estimate.
✅ Step 4: Choose the Right Mortgage Broker
Working with an experienced, local mortgage agent can make all the difference. At Expert Mortgage, we have access to dozens of lenders, including banks, credit unions, and private lenders, ensuring you get the most competitive rates and terms in Simcoe County.
Why choose us?
Personalized service
Quick pre-approvals
Advice for first-time buyers, self-employed, and those with bad credit
✅ Step 5: Submit Your Mortgage Pre-Approval Application
Once your paperwork is ready and your budget is set, it’s time to formally apply. Your mortgage broker will review your application, compare rates, and secure a pre-approval letter, typically valid for 60 to 120 days.
Benefits of a pre-approval:
Locks in a competitive interest rate
Defines your maximum home purchase price
Strengthens your position with sellers
📢 Ready to Get Pre-Approved?
If you’re ready to start your home-buying journey, Expert Mortgage is here to help. Whether you’re a first-time homebuyer in Barrie, moving within Simcoe County, or looking to refinance, we can help you navigate the mortgage process with confidence.
👉 Contact us today for your free pre-approval consultation!
🔑 Final Thoughts
Getting pre-approved for a mortgage is a simple, crucial step to take before house hunting. By checking your credit, organizing your finances, and working with a trusted mortgage broker, you’ll be on your way to securing your dream home in no time.