Mortgage Tips
How to Get Pre-Approved for a Mortgage
A pre-approval is the first serious step of a home purchase. It confirms how much a lender is willing to advance and lets you make an offer with confidence.
Pre-qualification or pre-approval?
A pre-qualification is a quick estimate based on the information you provide. A pre-approval is based on a real review: verified income, credit file and debt ratios.
It is the pre-approval that gives your offer credibility in a seller's eyes.
Documents to prepare
Photo ID, proof of income (pay stubs, T4s, notices of assessment), recent bank statements and proof of the source of your down payment.
Self-employed applicants usually add two years of financial statements or notices of assessment.
What the lender reviews
Your GDS and TDS ratios, income stability, credit score and the qualifying rate required by regulation.
A well-prepared file from the start avoids surprises when you make an offer.
Common mistakes
Changing jobs, financing a car or opening new credit cards during the process can change your borrowing capacity.
Keep your file stable until the closing at the notary.
