Editor Teams
[ad_1]
When I speak to prospective clients they ask me what information would they need to prepare in order to complete their mortgage loan application. I have prepared this blog article as I thought it would help you prepare for our meeting.
The mortgage loan application requests information about the type of mortgage loan you are applying for, as well as your personal financial situation.
To fill out the mortgage loan application you (and the co-borrower, if you have one) need to provide the following information:
Employment history – I require 3 years history of where you work, (have worked) including address, your job title and income
Income – how are you paid?
• Hourly
• Salary
• Do you earn overtime or bonuses
• 100% commission
• Self employed
• Permanent pension income
Where do you live now – I need 3 years history of where you live (have lived). Do you rent? Or Own?
Do you own your current property? I need the details of the residence plus the information on the current mortgage holder.
Debts – What are your current debts / liabilities. Your own debts plus any you might have co-signed
• Credit cards
• Bank loan, car loan or lease.
• Alimony or child support obligations
• Any bankruptcy history
• Any legal actions you are involved in
• Foreclosure history
Citizenship status – there are a variety of lending programs depending on if you are New to Canada, permanent resident, non-permanent resident, U.S. non-permanent resident
Assets
• Current value of RRSP’s
• Stocks & bonds, mutual funds
• Tax free savings
• Savings
• Value of the automobiles you own
• Value of other major assets (big boat)
• Value of other properties you own
Down Payment – What is the source of your down payment and closing costs. How much will you put down?
• Will you provide it from your own savings?
• RRSP’s
• Receiving a Gift from your immediate family member?
• Borrow it from your line of credit?
Paperwork
For our initial meeting it is ideal if you have your last two years of income tax returns and/or notice of assessment and a current paystub. Ensuring we accurately establish what your gross income is, will avoid stress and frustration when you have found the home you want to buy.
The reality is that in order to do my best for you as your mortgage planner, to ensure you get approved and I get you the best available mortgage terms, conditions and rates, I need to KNOW YOU. Once I know you and your needs, goals, financial background, I am in a better position to help you reach your goal of owning and investing in a home. I will advice you of your options and the best mortgage rates, terms and conditions available to you.
If you don’t quite qualify today, I will use the information you shared to create a plan of action so you can meet your goal in the near future.
[ad_2]
Source by Karen Boies