Planning for a Mortgage

What you need to know and how High-Rise Lending can help.

Understanding Your Credit Score

Your credit score plays a major role in your mortgage approval and interest rate. At High-Rise Lending, we help you understand your current score and what lenders expect.

✔ Aim for a minimum score of 680 for at least one borrower when putting less than 20% down
✔ Higher scores unlock better rates and more lender options
✔ You can check your report through Equifax or TransUnion

If your score is below what lenders require, our advisors will help you build a path to qualification with tailored strategies.

Before home shopping, it is crucial to understand how much you can comfortably afford. A good budget considers:
• Purchase price
• Monthly mortgage payments
• Income stability
• Other obligations (car loans, credit cards, etc.)

We help clients calculate affordability using real lender formulas – not generic online calculators.

Tip: Use our recommended mortgage calculator to estimate payments, closing costs, and qualification income.

Your down payment is the amount you contribute toward the purchase.

• Minimum 5% for homes under $500,000
• 5% on the first $500,000 + 10% on the remaining amount for homes up to $1M
• 20% required on homes over $1M
• Gifted down payment from immediate family is allowed
• RRSP withdrawals (up to $35,000 per person) may be used

Not sure if your funds qualify? We review your down-payment documents to ensure lenders will accept them.

Choosing a mortgage is more than picking a rate. We help you compare:

• Fixed vs. variable rates
• Terms (1–10 years)
• Payment schedules
• Penalties
• Lender flexibility
• Prepayment options

High-Rise Lending partners with multiple lenders, allowing us to tailor the best product to your financial goals.

To prepare for a mortgage application, gather:

• Government-issued ID
• One month of recent pay stubs
• Letter of employment
• Two years of CRA Notice of Assessment
• Three months of bank statements
• Proof of down payment
• Documents for large deposits or irregular banking activity

We help you assemble everything correctly to avoid delays.

A pre-approval strengthens your buying power and protects you from rising rates for up to 120 days.

Benefits include:
• Clear understanding of your budget
• Rate protection
• More negotiating power with sellers
• Faster, smoother final approval

We guide you through the full pre-approval process so you can shop with confidence.

Once you are pre-approved, you can begin viewing homes within your qualified range.

Closing Tips:
• Clean up debt and improve credit
• Stick to your budget
• Account for closing costs (1–4%)
• Ask questions — our advisors assist you at every step

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