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.