You can get pre-approved for a mortgage by submitting an application through a mortgage broker or lender. They will assess your financial situation and provide you with a pre-approval letter that indicates the loan amount you qualify for.

Typically, you will need proof of income, employment verification, credit history, identification, and details about the property you wish to purchase. Specific requirements may vary depending on the lender. These documents help in securing a construction loan or traditional mortgage.

There are a few different incentives and programs available for first-time homebuyers in Canada.

The Home Buyers’ Plan (HBP) allows first-time homebuyers to withdraw up to $60,000 from their Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home. Couples can withdraw up to $70,000 combined. The amount must be repaid to the RRSP within 15 years.

Additionally, the First-Time Home Buyers’ Tax Credit (HBTC) provides a non-refundable tax credit for eligible first-time homebuyers in Canada. For the 2022 and subsequent tax years, the amount has increased to $10,000, resulting in a tax credit of up to $1,500.

Provincial programs may also offer further support, such as land transfer tax rebates or other financial assistance. It’s important to check with your mortgage advisor to see which programs you may qualify for and how they can benefit you.

The mortgage approval process can vary but generally takes anywhere from a few days to a few weeks. The timeline depends on the complexity of your application and the responsiveness of all parties involved.