Getting Pre-Approved
It is very important to speak to your Financial Advisor to get a mortgage pre-approval in place prior to actively look for a home. Here is a list of documents you may require.
- Be prepared to share personal information such as age, marital status, and dependants
- Share financial information such as employment and proof of income
- A letter from your employer on Company letterhead stating:
rate of income, number of hours guaranteed, salary or annual
commissions. The letter should also contain contact name,
position, phone number and signature. Number of years of service and
whether position is full time or part time
- Copy of recent pay stub that includes both net and gross income
- Copies of assessments or T4's for past 2 years of filing income tax
- Provide other sources of income such as pension or rental
- Current banking information
- Verification of down payment (Bank statements for past 3 months or if gifted you will require a gift letter confirming it is non-refundable
- Provide consent to run credit check
- Provide a list of assets including property and vehicles
- Provide a list of liabilities such as credit card balances, car loans - total amount owing and your monthly payments
- Have plans and costs for your new home