At Source Mortgage, getting pre-approved is as easy as picking up the phone and dialing our phone number. Many of the lenders across Canada recommend getting mortgage pre-approval because it allows you to move forward with a firm budget. When you’re pre-approved, you’ll explicitly know what the maximum amount you can spend on your home is. You’ll also know how large the monthly mortgage payments will be if you buy a place that’s worth your maximum purchase price, and you can secure your mortgage rate for your first mortgage term.
If you’re not ready to get officially pre-approved, our convenient mortgage calculator offers you the ability to get a ballpark idea of your mortgage and finances as you browse for homes and fiddle with your budget. Use our handy calculator below to experiment with how changing your down payment, payment frequency, and interest rate will affect how much you’ll pay.