Drawing up your financial statement is the most important step before thinking about applying for a mortgage. In fact, this allows you to predict your ability to pay in order to shop around for your mortgage rate.

In order to determine the down payment for his property certain rules must be observed. First you should know that the minimum amount to pay when signing for a mortgage is 5%. In addition, if the down payment is less than 20% of the value of a property, mortgage loan insurance coverage will be mandatory to protect his risks as a lender.

A mortgage pre-authorize gives you access to the maximum amount eligible for a loan and the rate of your first mortgage term. This is free with a guarantee on average between 30 to 160 days. Pre-authorization not only saves time in your property search but also speeds up the formalities during the purchase process.

The promise to purchase allows the buyer to make an offer on the property that interests him by mentioning the conditions to the seller such as the price, the date of possession or other.

Once the promise to purchase is accepted, the buyer must obtain his letter of approval from his financial institution to finalize his purchase.