Items To Bring Your Lender For A Mortgage Pre-Approval

When you visit your lender for a mortgage pre-approval before shopping for a home, make sure you don’t forget to bring the following items:

Information proving your ability to cover closing costs (approximately 1.5 per cent of the purchase price).

Proper identification like a driver’s license.

Proof of your ability to pay the down payment and where this money is coming from.

An employer letter confirming your salary.

Information on additional income sources.

Information on your current debts and liabilities, such as loans or credit cards.

Why do you need a mortgage pre-approval?

A mortgage pre-approval tells the seller and their agent that you’re qualified and serious about buying a home – something especially important in such a competitive real estate market. It also lets you know what you can afford, and how much wiggle room you have when it comes to making an offer.

If your lender doesn’t require these items to issue a mortgage pre-approval, find a new lender – if your lender doesn’t do their do diligence in pre-approving you, you may think you qualify for something you don’t qualify for and financing can fall apart at the last minute. This is an incredibly disappointing situation for both buyers and sellers, but can also be avoided.


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