Mortgage Pre Approval

A mortgage pre approval puts the fun into home shopping while securing your rate.

mortgage pre approvalA mortgage pre approval answers the question, “I wonder how much I would qualify for right now?” A mortgage pre approval is the first step in the home buying process, thereby taking the stress out of shopping for your dream home because you’ll have the confidence of knowing what you’re able purchase. Plus, a mortgage pre approval protects you from any sudden increases because the rate can be held for up to 120 days.

The mortgage pre approval process is a great time for us to get to know each other so we understand your needs and can ensure you are comfortable with the final mortgage process.

We do our best to inform you about the mortgage qualification and application process, allowing you to move stress-free into the fun part, the shopping stage! This process is simple, painless, and is completed with no cost or obligation.

Here is what you’ll need to provide to get the mortgage pre approval process going:

  • Personal Information: date of birth, social insurance number.
  • Residence Information: renting or owning, monthly payment.
  • Employment Information: employer name, job title, and income.
  • Assets: RRSP, vehicles, TFSA, shares, stocks.
  • Down Payment: the amount you’ve saved to put down.

Moving forward you will be required to provide paperwork supporting your income such as a job letter, pay-stubs, and up to the last 2 years Notice of Assessment (NOA). Depending on your employment situation the lender may require additional documentation.

You will also be required to show where the down payment money is coming from. In most cases this is simply a snapshot of your bank account over the past 3 months. Some folks are lucky enough to have assistance in the form of a gift, in this case we require a gift letter to be completed and you’ll need to show that the corresponding amount has been deposited into your account. Lenders also like to see you have funds in place for closing costs.

Drop Us A Note

From a mortgage pre approval to helping you complete our online mortgage application form, we are always available to answer your questions on any topic related to home ownership.

Our expertise resides in making the dream of home ownership a reality. Drop us a note and lets get the conversation started.