Pre- Approval

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Before you start searching for your dream house, your first step should be a good initial interview with your Loan Officer. There you will learn about all your financing options.

Here you will learn:

  • What is pre-approval for?
  • Required documents
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Pre-approval helps us determine the appropriate financing for you.

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We recommend that before selecting a home, check your purchasing capacity to accomplish a mortgage payment. This will help you identify the ideal financing for you and will also help you make an appropriate purchase decision.

Pre-approval is an evaluation of your credit, your income, and your debts to determine the maximum amount the bank is willing to lend you. It saves you time in the house-searching and loan-closing process, while identifying:

  • the amount of the mortgage loan you are eligible for
  • properties that are within your purchase capacity

Documents required to request a pre-approval letter

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  1. Proof of income: Last month paycheck slips,  W-2 Form from the last two years, and bank statements for the last two months, for example
  2. Employment certification
  3. Pension Certificate and Form 1099, if you are a retiree
  4. Investment account statement, if applicable
  5. Evidence of down payment funds availability

Pre-approval is not a guarantee

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It is an indicator that the bank is able and willing to grant you a mortgage according to your financial situation when you buy your home.

This tool is for clients who have not yet chosen or optioned a property. If you have already chosen your property, you must go through the origination process. Origination is the process of receiving and processing your loan application, insuring, and financing it. Origination costs are what the bank charges for processing your mortgage loan.

Pre-approval only applies to purchase transactions and, like any mortgage process, it is subject to credit approval.

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