Steps on getting pre approved for mortgage...

Getting pre-approved for a mortgage is an important step in the home buying process, as it gives you a clear idea of how much you can afford to borrow. Here are the general steps you can take to get pre-approved for a mortgage:

Check your credit score: Your credit score plays a significant role in determining whether you'll be approved for a mortgage and what interest rate you'll receive. Check your credit score and report from all three major credit bureaus (Equifax, Credit Karma, and TransUnion). Ensure there are no errors and take steps to improve your score if necessary.

Calculate your budget: Determine how much you can afford to spend on a home by considering your income, expenses, down payment amount, and other financial obligations. Use online mortgage calculators to estimate monthly payments based on different loan amounts and interest rates.

Gather financial documents: Lenders will require various financial documents to assess your eligibility for a mortgage. 

These may include:

·         Proof of income (pay stubs, T4 forms, tax returns)

·         Bank statements!

·         Investment account statements

·         Proof of assets (stocks, bonds, retirement accounts)

·         Documentation of any other debts or liabilities

Shop around for lenders: Research and compare mortgage lenders to find one that offers competitive rates and terms. Consider traditional banks, credit unions, online lenders, and mortgage brokers. Get quotes from multiple lenders to compare interest rates, fees, and terms.

Get pre-approved: Contact your chosen lender or lenders and apply for pre-approval. You'll need to fill out an application and provide the necessary financial documents. The lender will review your information and perform a credit check. Based on this assessment, they'll provide you with a pre-approval letter stating the loan amount you qualify for, subject to certain conditions.

Understand the terms: Review the terms of the pre-approval carefully, including the interest rate, loan amount, down payment requirements, and any conditions or contingencies. Make sure you understand what is expected of you and what the lender expects in return.

Use your pre-approval wisely: Once you have your pre-approval letter, you can start shopping for homes within your budget. Having a pre-approval letter in hand demonstrates to sellers that you're a serious buyer and can strengthen your offer.

Update your pre-approval: Keep your pre-approval up to date by providing updated financial information if your circumstances change (e.g., changes in income or employment status). This ensures that your pre-approval remains valid when you're ready to make an offer on a home.

Remember, getting pre-approved for a mortgage is not a guarantee of final approval or a loan commitment. It's an important first step in the home buying process, but you'll still need to complete the full application process and meet all the lender's requirements to secure a mortgage.

If you have any questions please let me know.