Clover Mortgage’s Pre-Approval Checklist Tool
At Clover Mortgage, we can help you get pre-approved for a home purchase mortgage, mortgage refinance, or mortgage renewal and secure your rate for you for up to 120 days (4 months)! Whether you have great credit or bad credit, are self-employed or a salaried employee, or even if you have been rejected by the bank, our knowledgeable mortgage brokers can help get you pre approved for the right mortgage to suit your needs and current financial situation.
Is My Mortgage Pre-Approval Guaranteed?
These days, many customers are getting quick pre-approvals that are not done properly and as a result are not valid when it comes down to qualifying for the actual mortgage. To avoid this, the mortgage brokers and agents at Clover conduct proper and thorough mortgage pre approval applications to ensure that the mortgage amount that you are pre-approved for is the actual amount that the bank or lender will approve you for when you purchase your property. Keep in mind that if your financial or credit situation change drastically between the time you get pre-approved to the time you actually buy your property, this can change the mortgage amount that you might qualify for even if the pre-approval is done properly.
What Do I Need To Prepare For A Mortgage Pre-Approval?
Depending on what you need (new home purchase mortgage, mortgage refinance or renewal), you may be asked to provide some or all of the following documents in order to complete a proper and valid mortgage pre-approval:
- A photocopy of 2 pieces of government issued identification (drivers licence, passport, credit card, social insurance card, citizenship card, permanent residence card, etc.)
- Notice of Assessments (NOA) or T1 Generals for the most recent 2 years
- Pay stubs for the most recent 2 pay periods (unless self-employed)
- Letter of employment confirming your position, salary, and how long you have been employed by the current company (unless self employed)
- Proof of down payment (bank statements or investment statements)
- Gift letter for the down payment with associated bank statement (if full or partial down payment is being gifted)
- Proof of any additional assets
- Business licence or articles of incorporation (if self-employed or incorporated)
- If you own other properties then mortgage statements, tax bills, and leases or rental agreements for all other existing properties
Depending on your current financial situation and the type of mortgage product you need, your Clover Mortgage broker or agent will help you identify what documentation will be needed to process a full and accurate mortgage pre-approval.