A Complete Mortgage Application Checklist
When applying for a mortgage, you will need to keep ready the necessary paperwork related to your financial profile. Lenders will require specific types of documents, and sometimes they may ask for additional documentation. If you’re not prepared with all the vital documents, this could cause delays or, worse, rejection of your application.
As a professional mortgage broker, Angela Milosevic understands that applying for a mortgage can be quite a challenge. Getting a mortgage to finance your dream home can be viewed as a stressful or laborious task due to intricate mortgage laws and the ever-changing housing market. But with a little preparation, you can handle the mortgage process quickly and easily.
As an expert in mortgage jargon, I’ve created a handy checklist to help you complete your mortgage application with as little stress as possible. Having the below information and documents ready in advance will ensure that your mortgage approval process will be as simple as possible. Follow my list to ensure you get your mortgage application filed accurately so that you can get back to the other important things in life.
1. Information about the applicant
Make sure to provide every detail about who you are,
a. Full name
b. Date of birth
c. Marital status
d. Number of dependants
e. Current address and phone number
f. Social Insurance Number (SIN)
2. Information about applicant’s work history
a. Employment confirmation via a letter of employment from the company
b. Two (2) most recent pay stubs to confirm income
c. Two (2) year T4 statements
d. If the current job is new, a confirmation of previous employment.
e. For self-employed applicants, proof of income in the form of a two-year Notice of Assessment and two to three years of income tax returns.
3. Financial credentials
a. Mortgage pre-approval
b. Down payment confirmation
c. If a down payment or part of a down payment is a gift, a letter from the benefactor stating that the funds do not need to be repaid.
d. Three months’ worth of bank statements
e. Current value of your home (if applicable), mutual funds, and other investments
f. Current value of RRSPs
g. Bank account information that will be used to withdraw mortgage payments
h. List of assets (for example, current home, vehicles) and liabilities (credit cards and other debts and loans)
i. Bank account information that will be used for the mortgage payments.
4. Information about the property of interest
a. Address of the property, any maintenance fees if applicable
b. Description of the property found on the real estate listing
c. Copy of MLS listing (if purchased through a realtor)
d. Signed copy of the agreement of purchase and sale
e. Plans and specifications if the property is a new construction
f. Contact information for your lawyer
If you have any concerns about submitting any documents required for a mortgage, reach out to the mortgage expert Angela Milosevic serving in Cambridge, ON. I am a seasoned mortgage agent with over twelve years of providing essential mortgage advice to my clients to fulfill their dream of owning a home. I have a strong lender relationship, and I make sure to offer the highest standard of mortgage services to you. My full-range of mortgage services include first time home buyer mortgage, mortgage refinance for debt consolidation, mortgage refinances for home renovation or investment, self-employed mortgage, investment property mortgage, vacation or second home properties, bad credit mortgage, commercial mortgage, reverse mortgage, new to Canada mortgage, and spousal buyout mortgage.