First Step

Mortgage Pre-Approval
It's a very good idea to get a pre-approved mortgage before you start shopping. A lender will look at your finances and figure out or calculate the amount of mortgage you can afford. Then the lender will give you written confirmation, or a certificate, for a fixed interest rate. This confirmation will be good for a specific period of time. A pre-approved mortgage is NOT a guarantee of being approved for the mortgage loan.

Even if you haven’t found the home you want to buy, having a pre-approved mortgage amount will provide a suitable price range for consideration.
What are the advantages of a pre-approval?
You will have an advantage over other competing buyers who are not already pre-approved for the purchase price because you will show sellers that you are serious about the purchase - which can help make your offer more attractive to the seller.
The following will be required the first time you meet your lender or mortgage broker:

  • Your personal information, including identification
  • Details regarding your job, including confirmation of salary in the form of a letter from your employer
  • All of your sources of income
  • Information and details on all bank accounts, loans and other debts
  • Proof of financial assets
  • Source and amount of down payment and deposit
  • Proof of source of funds for the closing costs (these are usually between 2% and 3% of the purchase price)