Our commitment to your satisfaction continues to be the foundation on which we build. Contact our sales office to learn more.
You can send us any questions via our online form located here.
Cardinal Creek Village Sales Office
(613) 830-8467
Findlay Creek Sales Office
(613) 822-1101
The Meadows Sales Office
(613) 692-0500
Idylea & Westwood Sales Office
(613) 831-1357
Kingston Sales Office
(613) 701-4000
The purchase of a new home is a milestone moment in any person’s life, one filled with excitement, possibility and plenty of decisions.
Before you begin to explore floorplans or visiting model homes, there’s one crucial step that will set the tone for the entire buying experience and that is getting pre-approved for a mortgage.
A pre-approval for a mortgage provides a realistic picture of what you can afford and helps you to shop for a home with confidence. Here’s a look at everything you should know before, during, and after your mortgage experience.
A mortgage pre-approval is a lender’s conditional commitment to provide you with a specified amount based on an in-depth review of your finances. Note this is not the same as a pre-qualification, which is a quicker estimate based on self-reported information.
During the pre approval process your lender will:
Getting pre-approved allows you to:
Look at your pre-approval as your home buying foundation — this will be the starting point for every decision you make.
Your credit score is one of the most important factors in your mortgage approval. It represents your overall history of managing credit and debt, and lenders use it to determine both your eligibility and interest rate. In Canada your credit score will typically range from 300 to 900, with most lenders preferring a score of at least 680 for the best rates.
When applying for pre approval, lenders will ask for documentation to verify your income, assets, and debts. Having these ready ahead of time can make the process much smoother and faster.
You’ll typically need:
Having these documents ready in advance not only helps speed up your pre-approval but also gives you a clearer picture of your overall financial situation.
Your lender may pre-approve you for a certain amount but that doesn’t necessarily mean it’s the right number to fit your lifestyle.
Some things to consider when deciding on a budget are:
Every lender is different and will each offer different rates and terms. Take the time to shop around and find the best available option before committing.
Tamarack Homes works with trusted lending partners familiar with new home construction financing, ensuring you receive expert guidance and competitive rates tailored to your situation.
Most mortgage pre-approvals are valid for between 90 and 120 days depending on the lender. During this time your interest rate is typically locked in which protects you from rate increases while you search for your home.
If your pre-approval expires before you’re able to find a home, you’ll need to get pre-approved again. This often means updating your documents and allowing the lender to recheck your credit. Keeping your pre-approval current ensures you can move quickly when the right home becomes available offering a big advantage in competitive markets.
Buying a home is a major investment and having the right team by your side makes all the difference. Work with experienced professionals who understand your goals and the nuances of new home construction.
A great team includes:
Our team can also help you connect with mortgage experts who are well versed in the financing of new builds and can walk you through incentives available to qualified buyers.
Pre-approval is more than just a financial step, it’s your ticket to shop with confidence and clarity. It helps you understand your budget, simplifies your search, and helps position you as a strong buyer in today’s market.
At Tamarack Homes, we’re dedicated to helping every buyer feel informed and empowered from the very first step of their journey. Whether you’re a first time buyer or are upgrading to your dream homes, our team can help guide you through the process and connect you with professionals who make home buying simple and as stress free as possible.
Are you ready to take your first step toward homeownership? Contact Tamarack Homes today to learn more about our available homes, communities, trusted financing partners and more.
