Here are the most common Do's & Don'ts when obtaining a Mortgage Pre-Approval.

1. PRE-APPROVAL Do’s & don’ts Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance

2. Pre-approval Do’s Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance

3. DO-pay down credit balances Reducing your debt level is never a bad idea. Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance

4. DO-use an experienced realtor; or lawyer in the event of a private sale You consult a doctor about your health, you consult a mechanic about your car, you should consult a real estate professional about your home purchase. Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance

5. DO-put a financing condition on the Offer to Purchase A pre-approval is an approval based on you the borrower and your current financial profile. The lender and insurance company (if applicable) still need to approve the property, specifically the value and condition of it. Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance

6. DO-Start saving up your closing costs The lender will want to confirm you have cash on hand to cover your closing costs like lawyer fees, property tax adjustments, title insurance etc. Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance

7. DO-talk to your mortgage professional before making any changes to your financial profile. We need to know because it may change your pre-approval status. Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance

8. DO-Know your potential payout penalties Ensure you are aware of the costs involved if you decide to break your term early. The most common reasons to break the term early are to move properties, or to refinance to pull out equity or possibly to lower the interest rate. Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance

9. DO-start getting your supporting documentation together This will make the mortgage process go smoother when you find a property. Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance

10. Pre-approval Don’ts Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance

11. Don’t-switch employers or positions Your pre-approval is based on your employer and position at the time of the application. If you change those details, your pre-approval states may change. Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance

12. Don’t-incur new debts Your pre-approval is based on your debt balances at the time of the application. If you increase any of your balances or incur new credit, this could lower your Maximum Purchase Price. This includes “don’t pay for a year” scenarios. Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance

13. don’t-buy a car You can’t live in your trunk, so don’t buy a new car until you have possession of your new home. The car payment will reduce your maximum borrowing power. Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance

14. Don’t- trust a seller’s opinion on the condition of the property or any recent renovations done Always confirm the details the seller has told you by obtaining a professional inspection. Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance

15. Don’t-overlook a property because it needs a little tlc Some lenders offer and innovative product called a purchase+improvements mortgage. This allows you to include the cost of the improvements in your total mortgage amount. Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance

16. Don’t-make any large deposits into your bank account without first consulting your mortgage professional first The lender will want to confirm any large deposits into your account that hold the down-payment funds. This is to satisfy the Anti-Money Laundering Law. Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance

17. questions Please do not hesitate to contact: Martene Woodward Mortgage Associate 866.932.8412 info@mortgagegirl.ca PurchaseBest Mortgage RatesRenewalMortgage Pre-ApprovalRefinance