What is a mortgage pre-approval?

Mortgage Pre-Approval is a pre-qualification process of Mortgage financing for purchasing Residential, Commercial or Investment properties . During the Mortgage Pre-Approval process, the would be homeowner learns about things such as the maximum amount of a Mortgage loan they can qualify for, the Mortgage rate to expect, how much the monthly Mortgage installments would be, how much the closing costs such as lender fee, brokerage fee and legal fees would be, including Land Transfer Tax and much more.

How to get pre-approved for a mortgage?

To begin the Mortgage Pre-Approval process, it is advisable to have a preliminary discussion with a Mortgage Broker. During the discussion, the Broker will ask a series of questions from the borrower regarding employment, income, credit, debt, and assets to determine how much you can afford to borrow. The borrower’s future plans are also discussed during the meeting so that appropriate Mortgage terms can be formulated.

Documents required for mortgage pre-approval

The documents required for Mortgage Pre-Approval are listed below:

  • Mortgage Application
  • Identification
  • Recent Pay Stubs
  • Employment Letter
  • T4 or T4A
  • Bank Statements
  • T1 Generals
  • Business Financials
  • NOA’s
  • Business Licence

Since homebuyers gain a lot of vital information about their Mortgage qualifications, Mortgage Pre-Approval is a beneficial process for them. Getting an understanding of important Mortgage details like interest rates, monthly payments, closing costs, etc. has a direct impact on the home buying decision.


One of many disadvantages of not getting a Mortgage Pre-Approval is not being able to purchase with confidence. This applies especially in a competitive Real Estate market, where there are multiple offers being made on a single property. Having a Mortgage Pre-Approval will make a huge difference in this given scenario.

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Home Equity Loans Approved In Less Than 24 Hours!

Borrow against the equity of your Property
NO Appraisal Required For 2nd Mortgages! (Up To 80% LTV in The GTA)
NO Income/Credit Requirement

Services Provided


A & B Lender

Private Lender

Private Mortgage

Mortgage Broker

Home Purchase Mortgage

First Mortgage (1st Mortgage)

Second Mortgage (2nd Mortgage)


Bad Credit Mortgage

Equity Take Out/ Home Equity Loan

Debt Consolidation/ Home Renovation

STOP Power of Sale / Foreclosure

Income Tax Arrears/ Mortgage Arrears

Property Tax Arrears/ Consumer Proposal

Low Interest Rates & Low Fees

Up To 90% LTV Approved

Self Employed= OK!

Low/No income= OK!

Bad Credit= OK!

Equity Approved Loans!

NO Income Documents Required!

Quick Quotes (10-15 Minutes)

Fast Approvals (3-4 Hours)

Fast Closing (24-48 Hours)

Do’s and don’ts of getting a mortgage pre-approval

Here are the DO’S and DON’TS of the Mortgage Pre-Approval process:

The do’s
Apply for a Pre-Approval first before initiating the home-buying process.
Engage the services of a Mortgage Broker who will negotiate a great Pre-Approval rate on your behalf.
Gather all the documents required for a Mortgage Pre-Approval.
Stay in touch with your Broker until the Mortgage Pre-Approval is complete.
Read the Pre-Approval document carefully. If you have a family lawyer or accountant, have them review the document.
The don’ts
Figure out how much Mortgage you can afford. Don’t get Pre-Approved over your Purchase budget.
Once you’ve submitted your documentation to your Mortgage Broker, don’t make any major purchases that can change your debt servicing ratios.
Don’t apply for any new form of credit like a credit card or a personal loan.
Don’t co-sign a loan for a friend or family member.
Avoid changes to your employment status like changing or quitting your job.
Hamilton, Ontario

I had a very pleasant experience working with Shawn Sef at Equity Mainly Matters Loans. We contacted Shawn looking for help in order to pay off our high interest credit card debts. Shawn made the process very easy for us by explaining the Mortgage loan details for the Debt Consolidation Mortgage Solution which he recommended for us. Shawn was actively present every step of the way and was very knowledgeable. I will definitely recommend Shawn to my peers due to his knowledge, professionalism and expertise.

Brampton, Ontario

Shawn is extremely passionate about his job. Shawn always demonstrates a positive and professional attitude. His easy going and friendly personality always makes the experience of working with him fun and stress free. Shawn made the entire Mortgage loan process very simple for me to which I’m thankful for. Shawn is very proactive and updates me on a regular basis in regards to my file.

Markham, Ontario

Me and my husband had never worked with a Mortgage Broker before. I needed to consolidate all of my debts. I was paying high monthly interest fees to my creditors and my bank informed me that I couldn’t get approved with them because of my low credit score. Shawn did an excellent job by helping me consolidate and pay off all of my various high interest debts. I’m now debt free. My credit score has improved and I don’t owe creditors any monthly high interest payments. We went from paying $1,650 month towards our credit card debts and loans, to now paying only $520 month which helped us build up a good savings. Shawn rescued us from our creditors and helped us save an extensive amount of money for our families future.


As a first time home buyer, we required a Mortgage broker who was willing to be very patient with us and to explain every detail of the Mortgage loan process and provide us with as much information as possible. Shawn informed us of the exact required down payment amount (based on the types of lenders that we qualified for), fees, closing costs, Land Transfer tax etc. Shawn was very good in providing us with accurate rates, figures and calculations which we realized we could afford the monthly Mortgage payments and make the Home Purchase work. One other important factor was that Shawn kept on top of our file by updating the progress every step of the way which was very important to us. Shawn is very proactive which we appreciated!

Toronto, Ontario

Shawn helped our family obtain a low rate 2nd Mortgage from a Private Lender. Banks turned us down as we failed to meet their requirements for the stress test, income and credit criteria. However, Shawn was able to find various Private Lenders/Investors that were interested in making us an offer and we ended up taking a great offer for a 2nd Mortgage which made the most sense for us. We will definitely refer our family and friends to Shawn in the near future. I can’t say how much I appreciate all the time and effort Shawn put into our file.

Mississauga, Ontario

Shawn demonstrates excellent customer service skills. He’s always very quick to respond to my emails and calls. Shawn helped me get approved twice in the past year alone and I hope to work with him again in the near future. Shawn was very friendly, attentive and dedicated his time and effort by providing me with solid knowledge, expertise and advice which in return helped the process of purchasing my first home very easy and stress free. Shawn even followed up on my behalf with my lawyer in order to finalize all the details. I would highly recommend his services.

Ottawa, Ontario

From the first time I spoke with Shawn Sef, I felt comfortable and at ease which was due to his calm and patient personality and attitude. He was also very understanding and caring to our current situation and needs by providing the best course of action for us to take which made the most sense for our family. Shawn is very knowledgeable within the mortgage field and delivered exactly what he said he would. He even provided us with accurate closing/funding dates from day one. I would definitely recommend Shawn Sef to any borrower looking for a good
Mortgage broker.

Toronto, Ontario

Shawn had helped my wife and I obtain a 2nd Mortgage from a Private Lender last year. We used the majority of the Mortgage loan proceeds to help renovate/upgrade our home. Once the refurbishments had concluded, we ordered a new appraisal and noticed that our house value had increased substantially. The following year, Shawn helped us refinance both our Institutional and Private Mortgages into a new low rate, 1st Mortgage with an A Lender (Bank) which is going to help us save an extensive amount of money in monthly payments moving forward. I’m very thankful for Shawn’s knowledge, skills and expertise within the mortgage industry which ended up helping us save thousands of dollars.