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The mortgage-approval process determines whether you are a qualified borrower and whether you are a repayment risk or not. To obtain the data needed for the process and verify the information used to approve a loan, you will need to bring both information and paperwork to your loan application appointment with your Mortgage Broker. Being prepared for this meeting with your mortgage broker is one step in helping to smooth the process and provide a stress free experience. Having all the required documentation for your meetings will allow your mortgage broker to look at your personal situation/financial circumstances in order to provide optimal personalized service and the best fitting mortgage for your needs through a variety of lenders.
One way to ensure this experience is stress free is to have all your documents in order PRIOR to your meeting with your mortgage broker. During the initial application process, many brokers (including myself), are offering secure online submission with access to secure online client portals/client drives in order to upload the specific documents required. This will allow the Mortgage Broker to learn about the client’s unique situation, ask any clarifying questions or request additional documentation needed. The first meeting will then be of greater value to the client since it can then be about reviewing the available options instead of simply being about data collection.
For clients wishing to bring paperwork physically in to the office, that is still very common however, the online secure application as the first step is still of great value and allows the broker to review and give the client an exact list of what is needed in terms of paperwork based on their specific scenario.
Some of the most important documents needed for the mortgage approval process include the following:
IDENTIFICATION: a copy of your photo ID, such your Driver’s License, Passport, or another form of government issued photo ID.
EMPLOYMENT VERIFICATION: Current employment details such as a job letter – this letter should provide employment details such as your position, start date and wages along with supporting documents such as paystubs and T4 slips for the past 2 years if salaried or hourly
OR If you are SELF EMPLOYED then you would need the last 2 years tax returns and Notice of Assessments along with business registration or articles if incorporation
CONFIRMATION OF DOWN PAYMENT: Account statements from your bank and investment accounts are needed to verify the existence of your down payment. Loans officers usually require up to three months’ worth of bank account statements. Large sums of money that are transferred to the accounts need documentation to prove where the money came from. Personal gifts typically require a letter from the person gifting the money verifying the money is actually a gift.
DEBT HISTORY: Details of all current credit cards, loans, lines of credits, auto loans or auto leases (principle outstanding, payments and frequency of payments and interest rates
Recent statements for any existing mortgages or home equity lines of credit
**Please note this list is not exhaustive and is meant as a guide. Meetings with your broker will provide specific requirements based on the individual client’s needs.