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Mortgage Pre Approval image   THE MORTGAGE PRE APPROVAL PROCESS


A Mortgage pre approval can help you understand how much you can afford when buying a home. An approval is one of the first steps in the home buying process, making the searching for your home easier because you will have the confidence of knowing what you are able to purchase.


Before you start your home search, a pre-approval is always a good idea as it will provide you with the basis and foundation for your home search. We generally can review your application and have an answer for you within 24 hours.


A mortgage pre approval will also protect you from any sudden mortgage rate increases because the rate can be held for up to 120 days for most lenders giving you plenty of time to find that perfect home. On the other hand, if rates go down by the time you have an accepted offer then we check the market for the best mortgage and rate for you at the time. Either way, you are protected, and you can proceed with shopping for your home or investment with assurance and confidence. We are also available should you find a home that you want to put an offer on and need us to look at the numbers before committing to the offer or purchase.


During the mortgage pre approval process we will understand your needs and goals and recommend the right mortgage product for your needs, we will also ensure you are comfortable with the payments and mortgage type.


We will advise you about the mortgage qualification and application process, allowing you to move without stress onto the fun part, looking for a home!


Here is a list of some of the things we will need in order to start the mortgage a mortgage pre approval.



Check Mark iconPersonal Information: date of birth, social insurance number.

Check Mark iconCurrent Home Information:  Are you renting or do you currently own, monthly payment.

Check Mark iconApplicants Work Information: Are you self-employed,  do you work for a company? What is your employer's name, job title, and your income information.

Check Mark iconYour Current Assets: Savings, RRSP, vehicles, TFSA, shares, stocks, any other assets or income

Check Mark iconDown Payment: the amount you would like to use as the down payment for your purchase.



Once we move forward you will be required to provide supporting documentation for your income such as a job letter, pay-stubs, and up to the last 2 years Notice of Assessment (NOA). Depending on your employment situation the lender may require additional documentation, we will talk about all important documentation that will be required from the beginning.


Most lenders require history for the down payment to understand where the money is coming from. In most cases, this is simply a snapshot of your bank account over the past 3 months. If you are getting a gift from a parent or someone, we will require a gift letter to be completed and you’ll need to show that the corresponding amount has been deposited into your account. Lenders also like to see you have funds in place for closing costs and other expenses.


Whatever your situation is we can help, we have a solution for you and professional advice to make your goals a reality. Let’s talk about getting your Mortgage pre approval ready, call Vancouver mortgage broker real estate advisor Adan Sprauer at 604-340-7778 or schedule a time that works for you by clicking the calendar. Mortgage pre approval meeting scheduler we are here to help.Book a Pre - Approval Call icon

Local Vancouver Realtor and Mortgage Broker
Cell: 604-340-7778
Office: 604-879-2772
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