Mortgage Pre-Approval Pre-approval is simply a smart use of time before you look for that perfect home as it will let you know in advance how much home you can afford to buy. One of the first things the lender will do is to pre-approve you for a mortgage, after you have signed an application form for this purpose. Based on your income and other information provided, the lender will be able to calculate the maximum loan you can carry. Part of the process is to produce evidence of income such as T4s, your latest tax return, a salary letter from your employer, and proof that you have enough funds for a down payment and closing costs. In the case of a self-employed or a commission individual, you will need financial statements, 2 or 3 years' tax returns and related Notices of Assessment, and proof that you have enough funds for a down payment and closing costs.While great care has been taken to ensure the accuracy of the information provided throughout www.philiphollett.com and www.waterdownhomes.com, Philip Hollett does not assume liability for decisions based on the information provided or related to the information provided. Philip Hollett E&OE. |
