Spring Home Buying Season: Mortgage Tips to Stay Competitive

Spring is here, and with it comes one of the busiest seasons for real estate in BC. Buyers are hitting the market in full force, listings are increasing, and competition can heat up fast. Whether you're a first-time buyer or looking to upgrade, having your mortgage strategy dialed in can be the key to landing the right home. Here's how to stay competitive—and confident—this spring.

1. Get Pre-Approved Early (and Actually Use It)

This one’s non-negotiable. A pre-approval not only tells you what you can afford, but it shows sellers and agents that you're serious. Plus, it gives you a rate hold (typically for 120 days), which can protect you from sudden increases while you shop.

We often see clients surprised by how much things have changed even in a few months. A solid pre-approval gives you peace of mind and puts you in a stronger position when offers are flying.

Pro tip: Make sure your pre-approval is fully underwritten—some lenders do a quick check, but a fully reviewed file is much stronger when things move quickly.

2. Understand Your Budget Beyond the Purchase Price

Your maximum mortgage amount is only part of the equation. Be sure to factor in:

• Property transfer tax (unless you qualify for exemptions)

• Legal fees and closing costs

• Moving expenses

• Furniture or renovations

• Ongoing costs like strata fees, utilities, and insurance

Spring buyers often get swept up in bidding wars or quick decisions. Knowing your full budget helps you stay grounded.

3. Be Flexible with Amortization and Term Lengths

It’s not always about chasing the lowest rate. We’re seeing more clients explore flexible terms or longer amortizations to keep payments manageable—especially with rates being higher than what we saw a couple of years ago.

If your goal is to qualify for a bit more or keep your monthly payments more comfortable, don’t be afraid to look at different term/amortization combos.

4. Don’t Sleep on Alternative Lenders

In a hot market, a few extra days of waiting for a major bank’s approval can cost you the deal. That’s why having a broker (hi, that’s me!) who can access a range of lenders—including credit unions and monolines—can give you the edge.

Some lenders specialize in faster turnarounds or niche approval situations (self-employed, commission income, etc.). This can be a game changer in the spring market.

5. Have Your Documents Ready to Move Quickly

Speed can be everything when homes are selling fast. Having your income documents, down payment verification, and credit report reviewed in advance allows your broker to act quickly when you find the right property.

This also helps avoid delays when it comes time to submit your application for lender approval. The more complete your file is up front, the fewer surprises you'll face during the financing stage.

Let your broker know about any special circumstances early—like gifted funds, co-signers, or leasehold land—so they can be factored into your plan from the start.

6. Watch for Quick Close Options

Some sellers want a quick close to align with their own plans. If you’re flexible on move-in dates and already have your financing lined up, that could make your offer more attractive than a slightly higher one with delays.

Let your broker know your timeline early. We can structure things to move faster when needed.

7. Revisit Your Credit Early

Small changes can make a big difference. A surprise on your credit report—like an old cell bill or unused credit card—can throw a wrench in your mortgage approval.

It’s worth pulling your credit early in the process and addressing any issues proactively. If you’ve been working on paying down debt or rebuilding credit, let your broker know—there may be lenders who reward that effort.

8. Don't Go It Alone

Spring markets move fast, and that can be stressful. Working with a mortgage broker gives you the benefit of experience, a wider range of lenders, and someone in your corner as the market shifts.

We’re not just here to get you a good rate—we’re here to make sure your financing goes smoothly, that you understand your options, and that you can move forward confidently.

Final Thoughts

There’s no doubt that spring is a competitive season—but that doesn’t mean you need to panic or rush. With the right preparation and the right team behind you, you can shop smart, stay calm, and make decisions you’ll feel good about long after the cherry blossoms fall.

If you're thinking about buying this spring, I’d love to help you plan it out. Start with a simple call or online application—we’ll take it from there.

—Ryan & the House & Home Mortgage Co. Team