Tuesday 1 July 2014

Applying for a Mortgage - What You Will Need

When you apply for a mortgage, your mortgage agent will ask you to complete a loan application.  The application shows information about the type of mortgage loan you’re applying for, as well as your personal financial situation.

To fill out the application, you (and the co-applicant, if applicable) need to give the mortgage professional detailed information about your financial situation. This will include:

  • Full Legal Name(s)
  • Social Insurance Number (SIN)
  • Date of Birth (DOB)
  • Dependents
  • Marital Status
  • Present and Previous Addresses
  • Rent/Own with number of years
  • Contact Information
  • Current Employer
  • Employment history
  • Gross Annual Income (Base salary only)
  • Occupation
  • Currently Self Employed
  • Previous Employer
  • Other Income and Source
  • Years/Length of time receiving
  • The source of your down payment and closing costs
  • Assets including:
    • Bank account information with account balances
    • Value of stocks and bonds
    • Value of life insurance
    • Value of automobiles owned
    • Value of other major assets
  • Liabilities/Debts including:
    • Approval from Applicant(s) to pull the credit bureau which will ascertain specific debt obligations
    • Alimony and Child Support
    • Wage Garnishments
    • Income Tax owing to CRA
  • Current Mortgages/Properties Owned
  • Property Information (the property the mortgage application is for)
  • Consent Signatures and Dates
As you can see, there is a lot of information required for the mortgage application and thorough disclosure of all required items to your mortgage agent will ease the underwriting and approval process which will get you and your family into your new home much quicker.

A mortgage agent will add-value to this process and find the best product to suit your individual needs and the application/interview process is key to a successful outcome!



No comments:

Post a Comment