The Pre-Approval Process

Know your budget

Before you start viewing homes it's important to know what you can afford. Buying a home usually means obtaining a mortgage loan. You will find a useful mortgage calculator below that will give you the monthly payments that you could expect given your particular financing situation.
NOTE: The online estimate of your budget is not the same a pre-approval. 

Proper pre-approval means that you have provided your lender with all the associated verification documents. (List of mortgage brokers)

Pre-Approval Documents that your lender may ask for.

  • Confirmation of your down payment amount. (Savings, Gift etc.)
  •  Employment or Income verification.
-Copy of latest pay slips.
-Letter of employment.
-If self employed then T1 general and notice of assessment for 2-3 years. 
  • Information about your current property.
-Recent mortgage statement.
-Homeowners insurance.
-Property tax statement.

Mortgage Calculator

This calculator is for information purposes only. Users should not use this calculator to make any financial decisions and should speak with their bank or mortgage broker. The website owner does not guarantee the accuracy or reliability of any information or calculations provided by this calculator. The website owner is not liable for loss or damage of any kind arising from the use of this tool.
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.