Pre-Approved, Prepared, and Ready to Buy
From helping you understand your budget to strengthening your offer before you start your search, getting
pre-approved gives you a clear advantage when buying a home in the Greater Toronto Area.
With a mortgage pre-approval in place, you’ll know what you can afford, focus on the right properties, and
move forward with confidence when the perfect home becomes available.
ATTENTION: Toronto Homebuyers
Dedicated and Experienced Team
We believe every successful home search starts with the right preparation. Whether you’re buying your first property, moving up, or purchasing again, getting pre-approved helps you understand your budget, shop with confidence, and focus on homes that truly fit your goals.
With a pre-approval in place, you’ll be ready to act quickly when the right property comes along, making your buying experience smoother, clearer, and more efficient.
Building Up Your Credit Score
Improving your credit score takes time and effort, but because it results in getting the best terms on your mortgage, it is worth it. Here's how you can improve your credit score:
#1 Get a copy of your credit report
The first step to rebuilding your credit score is to get a copy of your credit report. You can request a free copy of your credit report from Equifax or TransUnion in Canada. Review your credit report carefully to identify any errors or inaccuracies that may negatively impact your score. If you find any errors, dispute them with the credit bureau.
#2 Pay down your debts
While having debt - if you are paying it off on time - helps you build your credit score, the amount of debt you have limits the amount you can borrow. If you have high credit card balances or other debts, work on paying them down as quickly as possible. If you're using a significant amount of your available credit, this may suggest that you are overextended and may struggle to make payments. The less debt you have, the better your credit utilization ratio will be, which can help improve your credit score.
#3 Start budgeting to pay your bills on time
Start paying your bills on time with no exceptions. Make this the #1 priority each month. Creating a monthly budget helps you take care of your financial health. You can use a budgeting app or a Google or Excel sheet to plan your expenses.
#4 Seek professional help
If you are struggling to rebuild your credit score, consider seeking professional help from a credit counselor or financial advisor. They can help you develop a plan to improve your credit score, manage your debts, and create a budget.
How to Avoid a Money Pit:
Be on the Lookout for these 6 Warning Signs That Could Mean Expensive Repairs...
Roof
Leaks are the most common problem with roofs, and are tough to detect from outside. However, from inside an attic, you can often see water marks where there is a leak.
Plumbing System
Make sure you are confident that both water systems: the one that brings fresh water in and the one that takes sewage out are functioning well before signing on the dotted line.
Electrical Systems
Before you agree to buy you should make sure that you can run all of the appliances you want to and even power tools at the same time without having a power failure.
Heating and Cooling Systems
Be sure to thoroughly inspect the heating and air conditioning systems in any home you are considering purchasing.
Bad Paint and Signs of Rotting
The paint inside and outside the house can reveal a lot about the condition of the underlying material. Check several places on several walls, using your eyes and a screwdriver for poking.
Cracks and other important signs
Cracks in walls, doors not closing properly and uneven floors can all be signs that there is a problem with the foundation. If the foundation is not strong, the entire house could literally collapse, so you should carefully check for these signs.
TESTIMONIALS
What others are saying
"We found the one"
"Danny negotiated strategically, got the seller to address key repairs, and secured a price that felt like a win without risking the deal. We felt supported, informed, and genuinely cared for the entire time"
- Deklon R.
"Communication was immediate"
"I can’t say enough about how professional, energetic, and effective Danny Macedo’s team is. Communication was immediate and consistent, and we always knew what was happening, what came next, and what decisions mattered most."
- Tony Marquez
"Outstanding Realtor Service"
"Thanks again for everything! We really look forward to ha ving you as a resource and being able to refer friends to you for real estate advice."
- Alex Campagnaro
Royal LePage® Supreme Realty, Brokerage
110 Weston Road
Toronto, ON M6N 0A6
Call 416-535-8000
Text 647-931-5151
Copyright 2026. Macedo Real Estate Group, Danny Macedo, Sales Representative, Anthony Rocco Macedo, Sales Representative, Royal LePage Supreme Realty, Brokerage all rights reserved assumes no responsibility for the accuracy of any information shown. The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.
Elite Broker Blogs
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What a Home Appraisal Is and Why It Can Change Your Financing
Why the Appraisal Exists
When you apply for a mortgage, your lender is not lending against the purchase price. They are lending against the property's value as determined by an independent appraiser. The distinction matters because the two numbers are not always the same.
The appraiser's job is to protect the lender. If you default on the mortgage and the lender has to sell the property, they need to know they can recover what they lent. That is the entire purpose of the exercise. It is not a second opinion on whether you are paying a fair price, although it can function as one.
What the Appraiser Actually Does
A licensed appraiser visits the property, measures it, photographs it, and notes its condition, layout, and any significant features or deficiencies. They then compare it to recent sales of similar properties nearby, adjusting for differences in size, age, condition, lot size and location.
The result is a written report with a single number: the appraised value. Your lender uses that number, not the purchase price, to calculate how much they will lend you.
In Ontario, the appraisal is typically ordered by the lender after your offer is accepted. Some lenders use automated valuation models for lower risk transactions and skip the in-person visit entirely. You do not get to choose which method they use.
What Happens When the Appraisal Matches
If the appraised value meets or exceeds the purchase price, nothing changes. Your mortgage proceeds as approved. This is the outcome in most transactions, and when it happens you may never even see the appraisal report.
What Happens When It Comes in Low
If the appraised value is lower than the purchase price, your lender will only lend against the lower number. The practical effect is that you need more cash to close.
Here is the arithmetic. Suppose you are buying at $1,000,000 with 20 per cent down. Your mortgage would be $800,000. If the appraisal comes back at $950,000, the lender will lend 80 per cent of $950,000, which is $760,000. You now need $240,000 to close instead of $200,000. That is $40,000 more than you planned for.
At that point you have several options. You can come up with the additional funds. You can ask the seller to reduce the price to the appraised value, although they are under no obligation to agree. You can try a different lender, since appraisal standards vary. Or, if your offer included a financing condition that has not yet been waived, you can walk away.
If you have already waived your financing condition, walking away means forfeiting your deposit and potentially facing a claim for damages. This is the scenario that catches buyers off guard.
Why Appraisals Come in Low
The most common reason is a competitive offer situation. When several buyers bid on the same property, the winning price can exceed what comparable sales support. The appraiser is not interested in what the market was willing to pay in the heat of the moment. They are interested in what similar properties have actually sold for recently.
Other reasons include limited comparable sales in the area, a property with unusual features that do not add measurable value, or a neighbourhood where prices are changing faster than the comparable data can reflect.
What You Can Do Before It Becomes a Problem
The simplest protection is a financing condition. It gives you the right to walk away if your lender will not fund the purchase for any reason, including a low appraisal. In a competitive market where conditions are being waived, that protection disappears, and you are accepting the appraisal risk along with every other risk.
Before you waive a financing condition, ask your mortgage broker or lender whether they expect any issues with the appraised value at your offer price. They cannot guarantee the result, but they can tell you whether the price is significantly above recent comparables, which is where the risk sits.
If you are buying above asking in a multiple offer situation, build a cushion into your finances. Know exactly how much additional cash you could access if the appraisal comes in $30,000 or $50,000 below your purchase price. If you cannot cover that gap, you may not be in a position to waive the condition.
The Bottom Line
An appraisal is not a formality. It is a valuation that determines how much your lender will actually lend you. Most of the time it confirms what everyone already expects. When it does not, the consequences are financial and immediate. Understanding the process before you make an offer is the point at which you still have choices.
If you have questions about how an appraisal might affect your purchase, or you want to understand what comparable sales say about a property you are considering, call me at 416-560-4983 and I will walk you through it.
Danny Macedo, Macedo Real Estate Group, Royal LePage Supreme Realty, Brokerage.
