Prior to starting your home buying search it is important to be pre-approved to accurately measure how much house you can afford. This will allow you to write an offer with confidence, when the perfect home becomes available.
When applying for a new mortgage, financing or porting your current mortgage it is important to have the necessary documents to provide to your mortgage broker or lender.
Having these documents ready can help the process move along quickly and smoothly. Here’s a quick checklist of items to be prepared:
- GOVT ISSUED ID (Passport, drivers licence, etc.)
- SECOND PIECE OF ID (credit card)
- LETTER OF EMPLOYMENT outlining position, start date, no probation, rate & type of pay & employer contact info.
- RECENT PAY STUBS showing year to date earnings.
- Two years NOTICE OF ASSESSMENTS, T4s or T1s may also be required.
- If applicable, documents providing SELF-EMPLOYMENT status.
- BANK STATEMENTS – 90 days showing transactions & sources of large deposits.
- GIFT LETTER, signed by giftor & giftee & proof of deposit funds.
- Proof of debt & Liabilities, (car loans, student loans, liens, child support)
- PROOF OF SALE of existing home (purchase contract and condition waiver)
- MLS or BUILDER details of new home.
- Signed PURCHASE AGREEMENT of new property.
- LAWYER information.
- VOID cheque.
One thing that remains the same is, the mortgage rules are always changing!
Still Have Specific Mortgage Questions?
We highly recommend you speak to one of the Mortgage Brokers at The Mortgage Minds.
Diana Lee is the Owner and a licensed Independent Mortgage Broker with over fourteen years of profound knowledge in mortgages and finance.
She began her career at one of the largest banks that dominate the Canadian Industry, it was there that Diana became an expert in her field, with vast experience in all types of lending, financial planning and advisory services.
Armed with a solid foundation and a passion to provide clients with the best options, solutions and rates made branching out on her own a natural progression.
Diana formed and grew a successful team, but her dream to build a fresh new class of experience for clients, motivated her to take the next step. A boutique mortgage brokerage powered by Verico and built on a foundation of honest and ethical, transparent customer service combined with good old fashioned hard work – The Mortgage Minds was born. Diana’s brilliant team of seasoned mortgage professionals whose decades of combined experience provide clients with short or long term solutions for any type of scenario. The Mortgage Minds family has VIP status levels with several Lenders, which gives them access to the lowest rates and top tier products that are then passed on to their clients allowing them to service people with bruised credit, new-to-Canada applicants, first time home buyers, investors and more.
Her business model that focuses on relationships, has proved successful by the number of referrals from clients and friends alike. Diana and her team are ruthless when advocating for you and it is evident in all dealings. The Mortgage Minds will give the best deal, the first time to all their clients. They are easy to reach provide fast turnaround times and are available flexible hours, seven days a week. Don’t be disappointed, give Diana and The Mortgage Minds a call today.