Mortgage Pre-Approval- The First Step to Getting your New Home!


In chase of getting a new home, it’s always worthy for individuals to obtain clearance of paperwork with core steps of mortgage pre-approval and mortgage pre-qualification. As a home buyer, individuals will need to understand that mortgage pre-approval is a assurance from the mortgage lender that you’re qualified to borrow up to a certain amount of money, subject to the right loan granting body. With this meaningful capacity, you’ll be likely to get the home you deserve for your well-being.



In the mortgage pre-approval process, the lender looks thoroughly at your acclaim and verifies income. If you are granted a pre-approved mortgage loan, the lender gives you pre-approval letters, which account for your loan information on approval and which you need to get recovered to get verified with the complete mortgage dealing evaluation as a whole.

Wondering, what does ‘Pre-approval mean’?
Pre-approval means the lender is self-assured you can get closer to payment of down-payment and income that can sufficiently cover your future mortgage expenditures. At this stage, only one concern remains and that the lender needs to make sure the property’s value is offering collateral concerning the loan amount.

Documents to support Mortgage Pre-approval
The mortgage pre-approval process isn’t as intricate as a formal loan application to get a perfect mortgage, which requires far-reaching documentation like income tax returns, driver’s license, pay stubs, insurance forms, mortgage statements, or any others.

Unfortunately, such busy work is just one of those hassles you have to accept if you want somebody to lend you some big amount of money.

As per W2 wage statements, you as a home-owner only require
  • Proof of Income
  • Proof of assets
  • Good Credit
  • Employment Verification
  • Other supporting documents

If everything goes well in documentation checking, you could have a pre-approval letter in your email within an hour. It is usually valid for 90 days.

For more information on mortgage pre-approval in Canada, it’s always worthy of connecting with a perfect mortgage partner. You can trust on RateShop.ca as it has been stood on the top of mortgage comparison websites that recommended as “Top Mortgage Brokerages for 2020 by CMP (A well-Known Mortgage Firm).”  Their professionals are best known for actively helping businesses and organizations in areas of accessing necessary information on investments, credit cards, and money transfer around Canada!

Location: Mississauga, ON, Canada

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