Mortgage Pre-Approval Process

The first step in the Buying process is to obtain pre-approval for your new mortgage financing. Then you can begin the home buying process with your Realtor.


A mortgage broker or your personal banker will look at your finances and calculate the amount of mortgage you qualify for. The Broker or your Banker will give you confirmation for a fixed interest rate. This confirmation will be good for a specific period of time (usually 90 days). A pre-approval is not a guarantee of being approved for the mortgage loan. (Source CMHC)


Information your Broker or Banker will need on your first meeting:


  • Your personal information, including picture identification such as driver’s license or passport.
  • Details on your job, including confirmation of salary in the form of a letter and 2 pay stubs from your employer.
  • All the sources of income
  • Information and details on all bank accounts, loans and other debt
  • Proof of financial assets (statement of accounts must have your name on them
  • Source and amount of down payment and deposit
  • Proof of source of funds to cover the closing costs (these are usually between 1.5% and 4% of the purchase price)


For more information on pre-approval you can receive a referral from your realtor.



MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.