start your house-hunting journey with a mortgage pre-approval

Before you get your heart set on a house, you need to figure out how much you can afford. The best way to do that is to get a mortgage pre-approval. While getting pre-approved is not required, we highly recommend it as it will make your home buying process much easier. Plus, it’s free!

The advantages of a mortgage pre-approval are:

• Peace of mind in knowing your financing is already in place.
• Ability to negotiate a price that fits within your budget.
• Locks in an interest rate for 120 days.
• More appealing to sellers.
• Faster closing period.

How to get a mortgage pre-approval

To get your mortgage pre-approval, one of our lending associates will evaluate your finances to determine the size of the mortgage you can manage (it’s all about the numbers). Find a branch near you or book an appointment online with your favourite lender.

Here’s what you’ll need:

• One piece of ID (if you’re not a Sunova member yet)
• Proof of employment and income
• A list of current assets
  • investments: RRSPs, GICs, TFSAs mutual funds, etc.
  • real estate: Property Tax assessment, value of your home
  • vehicles: make, model and trim of your vehicles (including recreational vehicles)
• A list of liabilities
  • hydro payment
  • mortgage amount (starting and current)
  • annual property tax payment
  • home equity line of credit amount
  • monthly rent
  • outstanding loan and line of credit balances
  • credit card balances
  • value of any loans in which you are a co-signer or guarantor
• Confirmation of your down payment