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Pre-Approvals on Mortgages

Before entering the real estate market and looking to purchase a home, it’s very important to be qualified to do so. Your Castle Mortgage specialist will ensure that we’ve done the due diligence to not only look at your credit history but also your income information, your employment history, whether there’s maternity leave income or probation to worry about – all of the things that the lender is going to look for when they ultimately approve you for a home. We do this up front in order to get you as prepared as possible and equipped to purchase a house.

In order to make your Castle Mortgage pre-approval meeting as efficient as possible, we’re going to ask you to bring with you some of the following documentation: two current paystubs from your employer; an employment letter from your employer stating your job tenure there, your annual salary, and your official position; your last two T4s; and your  last two Notices of Assessments from Canada Revenue Agency. And it’s always good to have your T1 general tax returns handy, as well.

The best way to prove the source of your down payment can come from three months’ worth of bank statements showing a slow accumulation of the money that you’re going to use for your home purchase. It can also mean an RRSP or an investment statement showing the funds have been sitting there for quite awhile. Or it could be as easy as a gift letter from your parents if they’re gifting you the money in order to purchase that home.

Bringing in all of this documentation up front will make the entire purchase process a lot less stressful and give you peace of mind as you take care of the fun part of the process – going shopping!