What is a Mortgage Pre-approval?

This is a promise from a Lender to state that ‘in principle’ they would lend a certain amount based on accurate information being provided.

Is This 100% Guaranteed?

No. If any of the information you have provided is incorrect, the Lender has the right to decline or altar the deal.

Will My Information be Safe?

We have worked closely with the lenders to understand which documents they require. The information you provide is to ensure we meet those requirements and identify who you are by undertaking credit checks to help speed up the process for both you and the Lender.

All the information provided will be kept in our secure site.

This can be used for future applications for a mortgage, personal loan, or credit card. You will be required to update your existing profile if you have a change of circumstance.

What are the benefits to getting pre-approved?

Having this pre-approval can act as a differentiator when purchasing a property. It shows that in theory you can afford the property in question, making you more favourable against other potential buyers.

Using our service to obtain a pre-approval will enable you to speed up the mortgage application process as the Lender will have all the relevant required information to agree your mortgage.

What Else Should I Know About Pre-Approvals?

This pre-approval is not a guarantee. By providing accurate information and documents, you will have a better chance that the Lender will fulfill the pre-approval offered to you.

During this process it is necessary to verify your identity and credit history with the Credit Bureau’s. We will undertake a soft search with your permission. This will not impact any further applications for credit and will be visible for you to see within your credit profile.

1. Recent mortgage statement
2. Most recent property tax statement/bill
3. Documents verifying current condo fees and heating costs
4. Legal description of your property (This can be found on your tax statement)
5. Name and address of your solicitor

In some cases lenders may also ask for one or more of the following:

Employment and Income Verification



• Current employment and amount of income such as:
  • Copy of recent pay slips
  • Evidence of recent pay deposited electronically
  • TI General and associated Notice of Assessment
• Previous employment (if required)
• Additional income sources (if any)

Confirmation of your down payment



• Savings or investments statement from within the last 90 days:
• Sale of an existing property - a copy of the sale agreement
• Withdrawal from RRSP through the Home Buyer's plan, if applicable
• Gift Letter

Basic financials



• A list of current assets and liabillities
• Bank account and transit number for payments
• Ensure you have your Pre-Approved Mortgage Certificate, if applicable

Property details



• A copy of real estate listing
• A copy of the accepted purchase and sale agreement
• The property's full address, including legal description and postal code
• Property tax estimates, condo fees and heating costs, (usually available pm the real estate listing)
• For rural properties, well and septic cerficates
• Lawyers name address, postal code, telephone and fax number

The better your credit score the better your chances are of getting a credit card, a loan or even a mortgage, along with great rates for each.

If you have a low score or there is room to improve, checking your credit report can help you see whether the information on it is correct and understand what could be affecting your score.

Your Credit Report:

The better your credit score the better your chances are of getting a credit card, a loan or even a mortgage, along with great rates for each.

If you have a low score or there is room to improve, checking your credit report can help you see whether the information on it is correct and understand what could be affecting your score.

How do lenders use this report?

This report provides a snap shot of your behaviour on managing debt and your finances. Your behaviour is important as it helps them understand how you would cope with more debt.

Lenders require your permission to review your report. They normally review your report during the application journey. Your results normally are reviewed against the risk appetite of the Lender. If you are a customer that fits within their risk level, then they will likely lend to you