Pre-Aproval, Necessary Documents

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It is very important to get pre-approved for a mortgage. But, people get confused with pre-approval and pre-qualification.

A mortgage pre-qualification can be useful as an estimate of how much you can afford to spend on your home. A pre-approval is much more valuable because this means the lender has actually checked your credit and verified your documentation to approve a specific loan amount.

For a mortgage pre-approval process in Canada, the following documents and procedures are required.

1. Proof of Income 2. Proof of Assets 3. Good Credit 4. Employment Verification 5. Documentation: Your lender will need to copy your driver's license and will need your Social Security number and your signature allowing the lender to pull a credit report.