In the previous blogs we talked about the why and when of a mortgage preapproval, this time we are going to chat about what is needed to complete a mortgage preapproval.
If you are a person who is paid a salary or an hourly wage with guaranteed hours, we will need a current paystub.
If you are self-employed, you will need the following:
- Your T1 Generals with your Notice of Assessments for the previous 2 years
In both situations we are looking to confirm the amount of money you earn so we can determine how much you can afford to purchase.
You will also need to bring 2 pieces of ID:
- Driver’s Licence
- Health Card or Social Insurance Card
After your appointment with your mortgage broker, you should have a letter that states the following:
- how much you can purchase for
- what mortgage rate you are being offered; and,
- for how long it is held for.