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Stage 1 of 8 · The first call
How much house can I afford in BC?
Short answer: A mortgage broker answers this in one conversation by reviewing income, credit, down payment and debts against the federal stress test, which qualifies you at the higher of 5.25 per cent or your contract rate plus 2 percentage points. The result is a realistic price range before you look at homes.
Mortgage brokerOne 20-minute call
What happens
We review income, credit, savings and debts
We run the federal stress test for you
You get a realistic price range, or a plan to get there
Bring this
Watch for
Don't let anyone pull your credit before this call
Self-employed, commission or new to Canada? Say so early
Short answer: Send a mortgage broker your ID, income documents and 90 days of down payment statements. The broker verifies them, pulls your credit once and secures a rate hold, usually for up to 120 days. A pre-approval letter typically arrives in one to three business days once documents are complete.
Mortgage brokerAccountant1 to 3 business days
What happens
Documents checked before any lender sees them
Credit pulled once
Rate held for up to 120 days
Bring this
Watch for
No new credit, job changes or big transfers until you have keys
Short answer: After your mortgage pre-approval, not before. A licensed realtor regulated by BCFSA then shows homes in your real price range, pulls comparable sales and gathers strata documents, the Form B and title for each property you consider.
RealtorMortgage brokerWeeks to months
What happens
You are introduced to a licensed realtor in your area
You tour homes in your real price range
Your realtor pulls comparables, strata documents and title
Bring this
Watch for
Ask how your realtor is paid before you sign
Send unusual properties to your broker before you offer
Short answer: Subjects are conditions in the contract of purchase and sale, such as subject to financing, inspection, strata documents and insurance. They let you cancel within the subject period, usually five to ten days, if a condition is not met. BC also gives buyers a three-business-day rescission period after acceptance; cancelling in it costs 0.25 per cent of the price.
RealtorHome inspectorMortgage brokerSubject period of 5 to 10 days
What happens
Your realtor writes and negotiates the offer
A licensed inspector checks the home within your subjects
Your broker sends the full application the same day
Bring this
Watch for
Never remove subjects on a verbal approval
Serious inspection issues? Renegotiate or walk away
The 3-business-day rescission period costs 0.25 per cent to use
What is the difference between mortgage pre-approval and approval?
Short answer: A pre-approval is about you; a full approval is about you and the specific property. The lender reviews the contract, appraisal and strata documents and issues a written commitment. Remove the financing subject only after that written approval, and get mortgage default insurance if your down payment is under 20 per cent.
Mortgage brokerAppraiserInsurance advisorInside the subject period
What happens
The lender reviews you and the property together
Appraisal, plus default insurance if under 20 per cent down
Do I need a lawyer or a notary to buy a house in BC?
Short answer: Either. In British Columbia both real estate lawyers and notaries public can close a standard residential purchase. They search title, register the mortgage, calculate property transfer tax and adjustments, and transfer funds. Choose a lawyer if the file involves a dispute, an estate, a separation or a private lender.
Lawyer or notaryBook 2 to 3 weeks before completion
What happens
Your lender sends instructions to your lawyer or notary
Title search, property transfer tax and adjustments
What is the difference between completion date and possession date in BC?
Short answer: On the completion date money transfers to the seller and title registers in your name at the Land Title Office. On the possession date, usually one or two days later, you receive the keys from your realtor. Set up utilities and insurance for the right dates, and plan your move for possession day, not completion day.
RealtorLawyer or notaryPossession 1 to 2 days after completion
Short answer: About four to six months before your term ends. Most lenders allow a rate hold or early renewal in that window, and a broker can compare the whole market instead of accepting your current lender's renewal letter.
Mortgage brokerBuilderAccountantOngoing
What happens
Renewal review 4 to 6 months before your term ends