You’ve been squirreling away your bonus cheques, savings and reducing the amount of times you visit Starbucks so you can finally get into your own home to build solid equity for your future. Now that you know what you want and what you can afford, it’s time to visit your local Dominion Lending Centres mortgage specialist to get yourself pre-approved for a mortgage.

Note, we did not say go to your bank to get pre-approved!

A mortgage broker works with banks (including yours), credit unions and other lending institutions to help find you the best rate on your mortgage. Since they work with so many different lending institutions across the country, they are in the best position to approach banks and ask for the best rates – sometimes better than what the same bank would have been able to offer you had you gone in on your own. Best of all, you do not pay a dime for their services – the lending institution does!

To work with a broker for your pre-approved mortgage, you will need the same documentation you would have to provide your bank so be sure to have your documents in order. You will need the following documents:

For a Salaried Employee

• an employment letter/verification of employment
• current/most recent pay stub

For an Hourly Employee

• current/most recent pay stub
• an employment letter/verification of employment
• Two (2) years of your T4 tax slips

For Someone Who is Self Employed

• last two (2) income tax returns
• proof of self-employment

Once you have submitted these details, you are on your way to getting pre-approved for your mortgage and providing yourself with a clear budget on the home you would like to buy!

– by Max Omar