Pre-Approval In Salt Spring Island

Mortgage Pre-Approval In Salt Spring Island

Pre-approval for a mortgage in Salt Spring Island - it’s exactly what it sounds like!

In order to receive a mortgage in Salt Spring Island, you'll need to be approved by a lender.
In order to purchase a property in Salt Spring Island, you'll (likely) require a mortgage.

In order to secure a fantastic mortgage in Salt Spring Island, you'll want to get pre-approved by a licensed Salt Spring Island mortgage broker (such as myself!).

Mortgage pre-approval takes a deep dive into your unique borrowing situation to learn about your mortgage story, factoring in your debt ratios/income/credit score etc. to provide you with the maximum amount you'll likely be approved up to for a mortgage.

Mortgage Pre-Approval Helps Mitigate 'Guessing'

House-hunting in Salt Spring Island is a super exciting form of 'shopping', but what's the sense in shopping if you don't know what you can afford to purchase?



Your time is precious, and you don't have much of it to waste. Receiving a mortgage pre-approval from a licensed Salt Spring Island mortgage broker (such as myself!) can save you valuable time by assessing your unique borrowing situation to provide you with your maximum purchasing power.

Your pre-approval amount is based off more than just your income and down payment. Many factors go into a pre-approval and having an experienced licensed Salt Spring Island mortgage broker on your side is a great way to make sure all your pre-approval boxes are accurately assessed.

Pre-Approval Through A Licensed Salt Spring Island Mortgage Broker

Getting pre-approved for a mortgage is a highly recommended first step, regardless of whether you're a seasoned home owner or a first time home buyer in Salt Spring Island

A trusted licensed Salt Spring Island broker can provide you with the pre-approval confidence you need to take the next steps into home ownership.

Did you know??

As a licensed Salt Spring Island mortgage broker, most of my services are free for you (my client) from start to finish. In some cases, there may be an additional cost involved but that will be discussed upfront, with full tranparency, before any commitment is ever made.

To begin the pre-approval process, we'll have a casual discussion so I can learn more about your Salt Spring Island 'mortgage story'.

Afterwards, I'll send over my welcome email and no-risk mortgage application form to take the next steps in the pre-approval process.

Hurray! Your mortgage pre-approval process in Salt Spring Island has officially started.

Requested Documents For A Mortgage Pre-Approval In Salt Spring Island

In order to give a professional mortgage pre-approval, I need to ensure that all information provided is accurate. The documents I request are ones that we'll need regardless for the lender, so it essentially saves us an extra step down the line!

Information I may request from you for pre-approval as a licensed Salt Spring Island mortgage broker:

• Relevant tax documents (T4, T1, Notice of Assessment) which help prove your recent income and financials
• The size of your down payment and where your funds for are coming from (personal savings, gifted funds etc.)
• A signed consent for credit (so I can pull your credit report to assess your credit score - this step occurs once I believe the 'numbers make sense')
• Your employment history (letter of employment if employed, or if you're self-employed I may request your business registration etc.)
• Your debts/liabilities including any revolving lines of credit or installment loans

Mortgage Pre-approval Through A Licensed Mortgage Broker

When it comes to banks vs. brokers, licensed mortgage brokers have a fiduciary duty to put your best interests first (...we're legally licensed to do so).

This means we must understand your complete borrowing picture to maximize your purchasing power for a pre-approval in Salt Spring Island, and we have a responsibility to match you to a lender/mortgage program which suites your best interests.

How Can I Increase What I’m Pre-Approved For in Salt Spring Island?

There’s often a misconception that as long as your income is high, you can be approved for a large mortgage in Salt Spring Island; this would be the dream, but there are more factors to consider than just your income for a mortgage pre-approval!

These tips can help to increase your pre-approval amount:

• Provide a sizeable down payment can help to lower your monthly mortgage payments and increase your purchasing power
• Have an EXCELLENT or VERY GOOD credit score (take a peek at credit 101')
• If you’re self-employed, I may request specific bank statements/documents to fit you with an appropriate mortgage program
• Maintain low debt ratios
• Work with an experienced licensed Salt Spring Island mortgage broker (that's me!) who knows which documents to request and which questions to ask

"I’m Ready To Get Pre-Approved For A Mortgage In Salt Spring Island!"

To begin your mortgage pre-approval process in Salt Spring Island, follow these steps!

1. Reach out to myself, Kyle Benzies (licensed Salt Spring Island mortgage broker)
2. We'll have an approachable, friendly chat; we’ll discuss some of your mortgage goals to begin the pre-approval process
3. Fill out my confidential mortgage application
4. I’ll securely request and collect necessary documents from you
5. I'll assess your documents and mortgage application to provide you with a mortgage pre-approval
6. Success! Now you can start searching for your home-sweet-home in Salt Spring Island within your budget
7. Cheers!

To discuss your mortgage options or receive an ethical pre-approval in Salt Spring Island, give me a no-risk phone call today!

***other conditions may apply to anything listed above. The information provided on this page should NOT be implicitly relied upon, and may not be 100% up to date. It's best to contact us for the most current conditions/program offerings for pre-approval***