The Spring market is heating up, and preapprovals are in full swing. Make sure you take full advantage of today's low rates before they go up!
When it comes to financing, the more info I have as a mortgage broker to support your "Story", the better. Let's work together to get that financing waived in record time!
Here's just a few things you will need to prepare before you can get your final approval on your mortgage:
- A recent paystub and job letter (issued within 30 days). Expect that the lender may call to verify the information.
- 2011 and 2012 Notice Of Assessments if we are using overtime or self employed income. If you don't have access to NOAs they can call Revenue Canada at 1-800-959-8281. It usually takes about 2 weeks to get these, so make sure they order them at the beginning of their shopping process if they know they will need them.
- Seperation/Divorce Agreement. If you do not have one, some lenders will allow ex spouse to sign an affadavit at the solicitors stating they do/do not pay child and spousal support. These lenders do not always have the lowest rates, so it is in the borrowers best interest to have the physical agreement ready.
- Proof of Downpayment. If gifted, then a gift letter and deposit statement. If downpayment is from own resources than 3 months bank statements are required.
Last, but certainly the most important piece of information:
- Fix your credit! Lenders look for credit cards under the limits, and no late payments. In the last 6 months, Equifax has also started reporting cell phone bills on the credit bureau. Large purchases (i.e.- a new vehicle) should wait until after you close the deal and take possession. *** Even if the lender has approved a borrower, should their material circumstances change, there is a possibility the lender/insurer can repull their credit report and decline the deal prior to closing****
Cheers to Canada!
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Mortgage Broker Lic#12172
cell (text available) 519-949-2904
Independently Owned & Operated Franchise of The Mortgage Centre