Pre-Approved Mortgage

Most home buyers get preapproved for a mortgage.  Preapprovals enable borrowers to know how much money they can spend on a house purchase. In most cases, purchasers will know the upper limit of their  price range.

Individuals will need the following items to obtain the mortgage:

Getting a preapproved mortgage is relatively simple. Borrowers with the necessary documentation in hand can choose the mortgage lenders they want to deal with and negotiate suitable terms.

Individuals will need the following items to obtain a pre-approved mortgage:

  • Personal identification
  • Job details that include confirmation of employment and salary (while pay stubs will generally suffice, an employer letter is sometimes required)
  • Confirmation of all sources of income
  • A net worth statement
  • List of all debts and loans, if applicable
  • Proof of financial assets
  • Source and amount of down payment and deposit
  • Proof of source of funds to pay for additional house closing costs

Once borrowers have been preapproved for a mortgage, they are ready to launch the search for their home.

Lenders look at a wide array of financial information and criteria to determine how much a borrower can afford to spend on a home.  They look at not only mortgage payments, but also other expenses including property taxes, house insurance costs, condominium maintenance fees, utility costs and other associated costs and expenses.   Borrowers have to fall within guidelines for Gross Debt Service Ratios (GDS Ratios) and Total Debt Service Ratios (TDS Ratios). 

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April 27, 2017

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