Preparing for Mortgage Applications
Whether you’re a first-time buyer or empty-nester, being properly prepared for your mortgage application will ensure the process goes quickly. To make sure you have accurate information ready to go for your meeting with your mortgage broker, here’s a quick checklist:
- Have a few pieces of government-issued ID, preferably those with a photoz
- Your current address, and two previous addresses (if you have them)
- For renters: a letter from a landlord confirming rental history
- Name and contact information of current and past employers (2-3)
- Proof of employment: pay stubs, etc.
- Information on current position: name of position, how long you’ve worked there, etc.
- If self-employed: bring Notices of Assessment for two years
- Recent financial statements for several months, bank contact information
- List of current debts: car loans, credit cards, etc.
- Information about the property you’re going to purchase: MLS listing, purchase offer, appraisal, etc.
This is the main list of things you’ll need, but especially when it comes to proving your income and property information, more information will never hurt. If you ever have any questions about this process, by all means feel free to contact me. You can also find more information on this topic at the CMHC website here.
