mortgage services


Knowing how much you can afford to spend on a house is one of the most important steps to home ownership. Before falling in love with a potential new home, we recommend obtaining a mortgage pre-approval. This should be the first step when you’re seriously looking for a home to buy. Receiving a mortgage pre-approval will help you stay within your price range and narrow your search to homes you can reasonably afford.

What is a Mortgage Pre-Approval?

When you’re looking for a mortgage, lenders will either offer a pre-qualification evaluation or a pre-approval letter. When you’re pre-qualified for a mortgage, a lender has simply provided an idea of how much you may be able to afford based on your current level of debt, income and assets. No documentation is given since the lender is only offering a general idea based on the information you provide. Mortgage pre-qualification does not include a review of your credit report or an in-depth look at your ability to purchase a home.

What Information is Needed to Begin The Pre-Approval Process?

1) Photo identification.

2) A record of employment such as a T-4 slip or a personal income tax returns (if you are self-employed at least two years of personal income tax returns and financial statements).

3) A letter from your employer stating length of employment and current salary.

4) The account numbers and locations of your bank accounts and investments.

5) Confirmation of your down payment (if it’s a gift, you need to provide a letter from the gift-giver stating the money does not need to be paid back).

6) Details of assets, such as vehicles, investments, etc.

7) Details of liabilities, such as credit card balances, car loans, student loans, lines of credit, co-signed or guaranteed loans, and any other monthly obligations you may be paying on an ongoing basis at the time of application.

8) Name, address, telephone number of your solicitor/notary

The pre-approval process differs between lenders but our team of brokers is here to discuss your options and help you complete your application. Contact us today to begin your mortgage pre-approval. Getting started is easy and there’s no obligation.

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