Mortgage Pre-Approvals

Tired of paying rent? Thinking about buying a house of your own? If so, you're probably wondering where to start, how much you can afford and who you can talk to for advice. At Encompass Credit Union, we're ready and willing to help!


Come on in and talk to one of our trained mortgage professionals about a mortgage pre-approval. This process will help to determine the maximum mortgage amount for which you will qualify. Our complementary service can be arranged prior to your house shopping and will help you establish an affordable price range before you start looking.

Once you have an affordable price range, you and your realtor will have a better understanding of which houses to look at and it will save you both time and energy. It will also help you to move quickly once you find that perfect house because you already have your mortgage pre-approval in place.



To get started, make an appointment with one of our mortgage professionals and they will be happy to assist you. When you come for your appointment, it will be helpful if you bring:

  • a copy of your latest pay stub
  • a listing of your assets (what you own)
  • a listing of your liabilities (what you owe)

Our mortgage professionals will calculate the maximum payment you can afford based on your Gross Debt Service Ratio (GDS) and your Total Debt Service Ratio (TDS). Once they calculate your maximum payment, they can work with you to determine the maximum purchase price you can afford. They can also discuss the closing costs, what you can expect to pay in legal fees as well as other purchase requirements.

Once you have this information, you can shop within your price range and once you find a house, you can place an offer on it with confidence. The offer to purchase should still have the following conditions:

  1. Subject to Financing: Even though you have a mortgage pre-approval in place, the home you purchase plays a role. We will need to see the Offer to Purchase on the house in order to give final approval. If all criteria are met and the house price and value is within the maximum purchase range, the final approval will come quickly.
  2. Subject to a House Inspection: We recommend you get a qualified home inspector to check the house so there are no surprise repairs to make after you move in.
  3. If there are any other conditions you need to be met, your realtor is experienced and can help you with these conditions: At Encompass Credit Union, we will do everything in our power to ensure your home financing experience is a positive one.

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