Getting Pre-approved

Why Get Pre-approved for a Mortgage?

Getting pre-approved allows you to find out how much a mortgage lender is willing to lend you and at what interest rate. With a pre-approval, you can do the following:

• Lock in an interest rate in case interest rates rise before you purchase a home.
• Estimate your mortgage payment.
• Know the amount you qualify for a mortgage.

Before you start shopping for a mortgage or home, you should verify your credit report is in order.

A pre-approval is the maximum amount one would receive from a lender.

A pre-approval does not necessarily guarantee that you will get the mortgage loan. Once you’ve found a home the lender will want to verify that the home or property meets certain standards before approving the loan.

What to Bring to A Pre-Approval Meeting

• Identification
• Proof of employment
  • Proof of current salary
  • Position and length of time with the organization
• Proof of down payment
  • Recent financial statements (bank accounts, investments)
• Current debt or financial obligations
  • Credit card balances and limits
  • Child support or alimony amounts
  • Car loans or leases
  • Lines of credit
  • Other loans

Mortgage Brokers Can Help

AMBA members are the best in the business and adhere to strict ethical rules and regulations determined by the association.

Use our Find a Broker directory to search for an AMBA Mortgage Professional to help you with your mortgage.

*Source Financial Consumer Agency of Canada