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Get Pre-Approved for a Mortgage

Once you are ready to obtain a mortgage, it is a good idea to select a lender to get pre-approved for mortgage. Pre-approval is a formal process and a mortgage pre-approval certificate is a valuable document with a written confirmation for a specific maximal amount of mortgage and fixed interest rate good for a specific period of time.

The pre-approval means that the lender will check your credit record, check your employment, and look at your finances to establish the amount of mortgage you can afford. The pre-approval certificate will make the search for your new home much easier and less time-consuming because you will have a realistic price range in mind.

The things you will need to have with you the first time you meet with a lender are:
  • Your personal information, including identification such as your driver's license.
  • Confirmation of salary and details on your job in the form of a letter from your employer.
  • Information about all sources of your income.
  • Information and details on all bank accounts.
  • Information on all your loans and other debts.
  • Proof of financial assets.
  • Source and amount of down payment and deposit.
  • Proof of source of funds for the closing costs (usually between 1.5% to 4% of the property's purchase price)


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