Every buyer who needs a mortgage, needs to have a pre-qualification letter in place. A pre-qualification letter simply means that the Mortgage Broker has confirmed your financial situation including verifying income, credit, and your down payment. I.e. you’ve showed them paperwork to confirm everything. The 3 V’s

In other words, we want to get as close to an approval as possible (without knowing the details of the future property). Your Realtor wants this too!

If you’ve already talked to someone at a bank and they said that you’re pre-qualified without checking your credit, income, or down payment, then you are NOT pre-qualified. Did they speak with you about penalties and the different types of rate (variable vs fixed) options?

Can you imagine putting in an offer on a place and then a nasty surprise comes up? Maybe there was something on your credit report that you weren’t aware of, maybe your income was slightly different, maybe the down payment wasn’t fully verified, etc.

You need to find a Mortgage Broker that will do most of the legwork for you BEFORE you start looking for a property so that once you do put in an offer on a home, most of the work has already been done and we may just need to update a few documents. It gives you the satisfaction of knowing that we’re as close to an approval as possible.

If a banker just runs a mortgage calculator (based on what you verbally tell them) then you should definitely talk to a Mortgage Broker to ensure that the information is correct and validated.

Information Courtesy of Jam Mortgages. Please download our app


550-2608 Granville Street,
Vancouver, BC V6H 3V3