Why Mortgage Pre-Approval Is the First Step to Buying a Home in Vancouver
- erin0582
- Sep 26
- 2 min read
Updated: Nov 6
If you’re thinking about buying a home in Vancouver, one of the smartest first steps you can take is securing a mortgage pre-approval. With the real estate market constantly shifting and interest rates on the rise, a pre-approval doesn’t just help you understand your budget—it can also save you money and stress along the way.
What Is a Mortgage Pre-Approval?
A mortgage pre-approval is more than just a quick estimate of what you can afford. Once you’re pre-qualified, your mortgage broker submits your application to a lender for review. If approved, the lender will provide you with a rate hold—typically lasting 120 to 130 days—while you search for your new home.
This means that even if interest rates increase while you’re house-hunting, your rate is locked in, giving you peace of mind and predictable monthly payments.
Why Pre-Approval Matters in Today’s Market
In Vancouver’s competitive real estate market, a pre-approval provides three key advantages:
Budget Clarity – You’ll know exactly what price range you can shop in, helping you narrow down your options and focus on the right properties.
Stronger Negotiating Power – Sellers take buyers with pre-approval more seriously, since it shows you’re financially ready to make an offer.
Rate Protection – With a rate hold in place, you’re protected if interest rates rise before you find the right home.
Take the First Step with Confidence
Buying a home is a big milestone, and having the right professionals by your side makes all the difference. As your REALTOR, I’ll guide you through the buying process and help you find the perfect home, while Julie Chan from the West Mortgage Group can walk you through financing and mortgage options tailored to your needs.
📩 Ready to start your home-buying journey?
Reach out today to discuss your goals, get pre-approved, and shop for your new home with confidence.
Erin Price Emery
Vancouver REALTOR® | The Collective Real Estate Team | Oakwyn Realty
Contact me: erin@priceemery.com
Call or text: 604-767-7725
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