Hi!

In my experience is there is a huge difference between a rate hold and a pre-approval. Rate holds can be a quick conversation and consent for credit. The file is submitted without verification of income or down payment and the rate hold can be up 90-120 days. A formal pre-approval includes collection all of the documentation up front. Confirmation of down payment and also confirming annual income. Confirmation of income is so important. In the event there is any discrepancy in paystub hours or annual 2 year average it can affect your file in a negative way and the purchase price that was mentioned could be void. It is important to make sure that you provide your most recent paystub, T4 slips and job letter as soon as possible to allow me to confirm your income prior to shopping for a property. There are several downpayment types that we can use. Savings, borrowed or gifted. For more information please contact me at 403 892-5368