Obtaining a mortgage pre-approval from your Mortgage Professional before you begin house hunting is highly advisable. When working with a Realtor, they will inquire whether you have been pre-approved. Your Mortgage Professional will assess your financial situation to determine the mortgage amount you can afford and provide you with a hold on the current interest rate for fixed rate mortgages, valid for a specified period (typically around 120 days). It's essential to understand that a pre-approved mortgage does not guarantee final approval for the loan. (source CMHC)

Having a pre-approved mortgage amount is beneficial even if you haven't found your desired home yet, as it enables you to establish a suitable price range and simplifies the process of house hunting with your Realtor.

Bring the following information with you the first time you meet with your Broker:

  1. Your personal information, including photo identification such as your drivers license
  2. Details on your job, including confirmation of salary in the form of a letter and 2 paystubs from your employer
  3. All of your sources of income
  4. Information and details on all bank accounts, loans and other debts
  5. Proof of financial assets (statements of accounts must have your name on them)
  6. Source and amount of down payment and deposit
  7. Proof of source of funds to cover the closing costs (these are usually 1.5% of the purchase price)


Fixed Rate Mortgage: Interest rate is fixed for the entire period of the loan.
Variable Rate Mortgage: Interest rates fluctuate during the mortgage term as the rate is based on the Prime Lending rate (monthly payments stay the same and the amount of principal applied towards the mortgage fluctuates).
Blended Rate Mortgage: Interest rate is a combination of the old mortgage and additional mortgage borrower requires.
Convertible Mortgage: Mortgage can be prepaid or changed at any time throughout the loan term.

MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.