Mortgage and Financing

search for your home easier and less time-consuming.

To get your mortgage pre-approved, you will need:

• your personal information, including identification such as your driver’s license;
• details on your job and proof of your salary;
• information about your bank accounts, financial assets, current loans and other debts;
• how much your down payment will be and where the money is coming from; and
• Proof that you have enough money to cover the costs of closing the sale - usually between 1.5 - 4 per cent of the cost of the house.

Sometimes, after everything has been taken into account, you may find that you can’t afford the house you want. If that happens, you may want to:

• Pay off some loans first.
• Save up a larger down payment.
• Revise your target house price.

Your credit history gives mortgage providers information on your financial past and how well you have paid your debts and bills.

If you have no credit history, it is important to start building one. This can be done, for example, by applying for a credit card.

If you have a bad credit history, you can still qualify for a mortgage as long as you have a guarantor – a person who meets the bank’s or credit union’s requirements, has a good credit history, and can guarantee your loan.

The table below gives you an idea of how much money you might be able to spend on a house, depending on your income and expenses.