Documents Needed For Pre-Approval

Today we're going to talk about what documents you need in order to get pre-approved.

The first and most important document is going to be your income documents. When it comes to income, it's going to depend on whether or not you're self-employed or an employee of a company. If you're self-employed, we need two years of tax documents to confirm your income. If you're an employee, we need a job letter, a pay stub in your last two years of T4 slips.

The second document that you need in order to get pre-approved is your down payment confirmation. So we need to know what your down payment is, how much you're using, and where it's coming from. If it's your personal savings, we need a three month bank statement to show the money has been in your account for at least three months and is ready for the down payment. If it's a gift from family, it's a little bit different. We only need a gift letter and then confirmation that that money is in your account, but we do not need to see the money in your account at the pre-approval stage stage, so don't worry about that.

The third document that you need is ID. Two pieces of ID and one photo, so that we can confirm you are who you say you are.

The fourth and important step of getting a pre-approval is that we need to pull your credit. So you'll sign a consent form that allows us to do that so that we can mitigate any issues that might come up early on in the process.

Whenever you're ready to get started, give our team a call so that we can get you pre-approved.