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.



NOTE: MLS® property information is provided under copyright© by the Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification. This website may only be used by consumers for the purpose of locating and purchasing real estate.