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 and visit a lender today (no appointment needed!).
Here’s what you’ll need:
- Two pieces 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
- Confirmation of your down payment