What is the first thing you probably do when you decide you want to buy a home? You go online to check out a bunch of listings that could be your potential future home. That is all fine and dandy–heck, even we have done that–but without a pre-approval, your dreams of home ownership will only be that (a dream) if you don’t get pre-approved first.
A pre-approval, by any means, does not mean that you are approved. So please don’t go out jumping for joy yet–save that for when your Realtor hands you the keys to the house. All a pre-approval entails is a thorough meeting with your mortgage broker whereby your full financial and credit status is dissected and then is strategically determined just how much of a mortgage can you afford without being “house poor”.
Be prepared to provide some documents to support your application. They can include and are note limited to:
- letter of employment
- current pay stub
- past 2 years of your T4 slips
- 90 day history of your banking/investments statements
Check out your estimated monthly mortgage payments: (calculator below)