To avoid mortgage insurance, it’s best to put 20% down for your down payment, which is the initial sum you will put towards your home. Any amount less than 20% will result in you having to purchase mortgage default insurance that will protect your lender in the case you can no longer afford your mortgage.
In order for you to qualify for a mortgage pre-approval, you would need to present the following: Income confirmation (Job letters, paystubs,T4s) Current bank account statement (usually at least 3 months) Notice of Assessments from Canada Revenue Agency (usually or the past two years)
You start with your credit score which will show mortgage brokers lenders how healthy your credit history is and how well you manage your credit. People Banks usually want a minimum score of 680 to qualify for a Pre-approval.