Qualifying For A Mortgage
Things to Bring to Your First Meeting:
- Photo ID
- A record of employment income such as a paystub, T-4 slip or a personal income tax return (if you are self-employed, at least two years of Personal Income Tax Returns and Financial Statements)
- A letter from your employer stating the length of employment and current salary
- The account numbers and locations of your bank accounts and investments
- Assets may include:
- Investments and interest income
- Retirement savings accounts
- Other real estate holdings
- Liabilities may include:
- Existing mortgages
- Credit card balances
- Car and student loans
- Lines of credit
- Co-signed or guaranteed loans
- Child support
Finalizing Your Mortgage
Once you’ve found the home you want to buy, you’ll need to finalize your financing. You’ll need to provide your lender with the following documents:
1. A copy of the real estate listing of the property. If the home is still to be built, the mortgage lender will need to see the architect’s or builder’s plans and details on lot size and location.
2. A copy of the offer to purchase or the building contract, if this document has been prepared.
3. Documents to confirm employment, income and source of pre-approval.
4. If you have a pre-approved mortgage, it’s a simple matter of finalizing a few details with your mortgage specialist.