Securing a pre-approval:
- It’s important to understand the differences between a pre-approval and a rate hold
- Banks often only do a “rate hold” and not a full deep dive into a client’s financials
- As a mortgage broker, we fully underwrite the application, ensuring your income, down payment and credit all meet lender criteria
- Moving forward without a full pre-approval can be dangerous
- It’s important to ask the right questions to your lender
It’s important to note:
- It’s not how much you qualify for, but how much you are comfortable paying on a monthly basis
- Always start backwards from a budget
Be prepared BEFORE you start the process:
- Ensure your income taxes are filed and up to date
- Prepare a household budget
- Plan for the unexpected (changes to family structure, employment, expenses)
- Ensure all credit is paid as required (we can send you an application to check your credit if you need)
The list of documents you will need:
- Current employment letter/paystub
- Last 2 years T4s
- Last 2 years T1 Generals and Notice of assessments
- Proof of self-employment
- Proof of all assets to be used for downpayment (bank statements, investment statements, proof of gifted funds)
- Valid photo ID
Talking to a real estate or mortgage professional can really help make everything you need clear and feel less overwhelming. We work with some of the top-rated mortgage companies in the city, such as Outline Financial, so let us know if you are ready to get in touch with someone and start the process!
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