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.
-Copy of latest pay slips.-Letter of employment.-T4.-If self employed then T1 general and notice of assessment for 2-3 years.
- Confirmation of your down payment amount. (Savings, Gift etc.)
- Employment or Income verification.
-Recent mortgage statement.-Homeowners insurance.-Property tax statement.
- Information about your current property.