Important tips to help you successfully secure a Mortgage.
Making a checklist of why and what you are applying for will help you be prepared with the required information upon meeting with your chosen Financial Institution.
Information you will need to complete your application efficiently:
If you are applying with a co-borrower, that person will need to be present when completing the application.
- Social Insurance Number(s)
- Your current address
- Previous address if your current address is less than 3 years
- Your employment information: address & telephone numbers
- Previous employment information if your current employment is less than 3 years
- Sources of income that can be verified: pay stub, bank statement confirming direct deposits, employment letter, investment statements
- The value of your assets, properties, automobiles, investments & savings
- Your most recent mortgage and loan statements
- Your most recent credit card statements
- The estimated value of your home
- All your housing expenses: property tax, annual condo fees, heating costs
- The financial information of your co-borrower (if applicable)
Your Financial Institution may also require the following information:
- Are you a Canadian resident
- Your proof of age
- Your province of residence
- Whether or not you have declared bankruptcy in the past seven years
- Will this be a joint application (both applicant and co-applicant must submit to a Credit Search)
Once You Find Your Dream Home, Here's a List That Your Lender Will Require In Order To Process Your New Mortgage:
- Mortgage amount needed - (minimums may apply)
- Reason for the Mortgage: Home Purchase / Refinancing / Transfer
- What your Purchase price is
- How much will you have for a downpayment
- What Type of Property will the Mortgage be for - condo/house etc
- What the dwelling style will be
- Are you purchasing from a builder?
- The address of the property.
- What the estimated value of the property is.
- What the Annual Property Taxes are
- Will there be any Condo Fees?
- What the Annual Heating costs are.
- Other information as requested by Mortgage Institution.
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For more Mortgage information:
Contact Megan Scott for information about Qualified Mortgage Specialist's