Getting a Mortgage Pre-approval

Monday Jan 25th, 2021



1. Contact a Mortgage Broker & Apply for a Mortgage


The first thing you should do is apply for a mortgage pre-approval with a mortgage broker.  How do you know if your income, credit and downpayment is sufficient for an entry level condo or a million dollar home? A pre-approval helps you know how much you can afford to spend before you start working with a Realtor. You can get a good estimate of how much you can afford with my mortgage affordability calculator or by simply contacting me directly at 647-763-ACRE (2273)


How long does it take to get pre-qualified for a mortgage? As a licensed Mortgage Agent, I can do it in a just a few minutes. Feel free to apply on my site or contact me with any questions.


2. Assemble your documentation

Banks usually require documentation to confirm information you are declaring in your application (i.e. paystubs, bank statements, etc.). It's best to get this in order prior to making any offers to purchase a home.

  • Identification  - Driver's license, passport, etc. 
  • Bank account and investment statements – to confirm your downpayment is legally derived
  • Proof of income – pay stubs, with letter from your employer. 2 recent T1G & notice of assessments will be needed if you’re self-employed (BFS).
  • Taxes - it's best you submit your taxes to CRA for the previous year 

3. Contact a Realtor

After you have confirmed how much of a home you should be purchasing, speaking to Realtor will help determine what type of home, which area of the city suits you best. As a Realtor, immediately after being pre-qualified for a mortgage, I can send you new listings of homes, and can even get you VIP access to many pre-construction homes not yet available to the general public around the GTA. 


Mortgage Preapproval Tips

These some tips of things you should not do once you've made the decision of shopping for a new home:

  • DO NOT quit your job or switch employers - some employment changes like taking a promotion or lateral movements within your organization usually is fine, but going to a different employer or becoming self employed may disqualify you 
  • Hold off on ALL major purchases (car, appliances, furniture). Even if you're already pre-approved, doing this may result in the bank reducing your mortgage amount, or disqualifying you if you make significant purchases 
  • Don't apply for new credit: This may reduce your mortgage amount, or disqualify you from being able to complete your purchase transaction



Buying your first home is an exciting time for most us. As a Realtor and Mortgage Agent, I offer the ability to get mortgage pre-approved and realty home search in 1 phone call. I also partner with appraisers, home inspectors and lawyers to provide added convenience. Contact me today for a more comfortable way to do real estate.   



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