What Your Mortgage Professional Needs to Know
Applying for a mortgage is an essential step in buying your dream home. To ensure the process runs smoothly, your mortgage professional will require specific information. Here’s a guide to help you prepare and avoid unnecessary delays.
The Importance of Being Prepared
One of the most common reasons for delays in mortgage approvals is missing or incomplete information. By gathering and organizing your documents in advance, you can ensure your mortgage or pre-approval application is processed quickly and accurately.
Essential Documents to Bring
Identification
- Multiple pieces of government-issued ID (preferably with a photo).
Employment Information
- Your current address and two previous addresses (if applicable).
- Employer details: name, address, and proof of employment (e.g., pay stubs, T4, or Notices of Assessment for self-employed applicants).
- Documentation of income: salary, commissions, pensions, etc.
Down Payment Proof
- Bank or investment statements showing the source of your down payment.
- If part of your down payment is a gift, provide a signed letter from the giver stating it is non-repayable.
Financial Statements
- Recent financial statements (bank accounts, investments, etc.).
- Documentation of debts or obligations: credit card balances, car loans, student loans, child support, etc.
Property Details (once you’ve made an offer):
- MLS listing and signed Offer to Purchase.
- Copies of deposit checks, appraisals, and building specifications.
- Property tax statements, heating costs, and condominium fees (if applicable).
Speak with Your Mortgage Professional
Every lender has unique requirements. Before your meeting, consult with your mortgage professional to confirm the exact documents they need. This proactive step can save you time and ensure a seamless approval process.
Looking for your dream home in Collingwood or the Blue Mountains?
I’m here to guide you every step of the way—from mortgage pre-approval to finding the perfect property. Contact Janet Piotrowski today to start your journey!