Financing your home
You need to meet with your broker or lender to start the mortgage pre-approval process. Bring the following information to the meeting:
government-issued photo ID
contact information for your employer
proof of address
proof of income
proof of down payment
proof of savings and investments
details of current debts
your credit score
Remember: It is a serious offense to misrepresent your income or assets to get approved for a mortgage. It is your responsibility to protect yourself against mortgage fraud.
What is a pre-approved mortgage?
A pre-approved mortgage tells you:
how much you can afford
what your interest rate will be
how your monthly mortgage payments will look
This isn’t a guarantee of final approval, but it can help you to narrow down your search. It will help you make decisions about affordability, neighbourhood and home type or size.
You do not have to spend your full pre-approved amount. Always consider possible changes such as loss of income, increased expenses or rising interest rates.
Down payments of less than 20%
You can buy a home with a down payment under 20% of the purchase price, but you’ll likely need mortgage loan insurance. This protects banks and other lenders against the risk of mortgage default just like property insurance protects you in case of loss.
Calculate your mortgage loan insurance premium.
Learn more about mortgage loan insurance.
