The Pre-Approved Process
Obtaining a pre-approval will make the home buying process less stressful
*If you are a First time home buyer you are eligible for Government incentives. First Time Home Buyer Incentives
*Homebuyers with a pre-approved mortgage have the upper hand when they put an offer on the table. Having pre-approval demonstrates that you’re serious about purchasing a home.
A potential mortgage lender looks at your finances to find out the maximum amount they will lend you and what interest rate they will charge you.
With a pre-approval, you can:
A lender will look at your current assets, your income and your current level of debt.
You’ll need to provide your lender or mortgage broker with the following:
For proof of employment, your lender or mortgage broker may ask you to provide:
Your debts or financial obligations may include:
Submit your Application for Approval
Once your offer has been accepted, your lender will then submit your mortgage application for approval. This can take 7-14 days. Also, your lender will discuss all the terms and conditions of the mortgage, such as:
- the amount