Financing Your Home

Financing Your Home

Negotiating Power

  • Pre-Qualification: Establishes how much you can afford to borrow, based on how much you can earn and owe. Pre-qualfication is not an assurance of mortgage approval.
  • Pre-Approval : Is a detailed approach that can give you a firm decision on a home loan. It makes you a “cash buyer” in the seller’s eyes.

Pre-Approval Advantage: Bargaining Power

Pre-approved buyers have increased bargaining power with the seller as they are perceived as serious buyers and bring to the table a certain level of credibility. Quick decisions can be made which is attractive to the seller especially in a multiple offer situation, potentially placing your offer to buy in a “first choice” position.

Documents needed for your Mortgage Approval:

  • Notice of Assessment from previous taxation year
  • Letter of Employment
  • T4’s
  • Proof of Down Payment
  • Your Mortgage Broker will let you know what else you need