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Mortgage Process | Mortgage Documents | Mortgage Calculators

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Mortgage Process

What is a mortgage preapproval

When you’re shopping for a mortgage, you can compare options offered by different lenders.

Mortgage lenders have a process which may allow you to:
know the maximum amount of a mortgage you could qualify for
estimate your mortgage payments
lock in an interest rate up to 120 days, depending on the lender

The mortgage preapproval process may be divided in various steps. It may also be called mortgage prequalification or mortgage preauthorization. Different lenders have different definitions and criteria for each step they offer.

During this process, the lender looks at your finances to find out the maximum amount they may lend you and at what interest rate. They ask for your personal information, various documents and they likely run a credit check.

This process does not guarantee your approval for a mortgage.

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Mortgage Documents

Most Lenders will ask for same documentation when a Pre Approval or Approval Required. Some examples of A and B Lenders documentation required it depends on your Status if either Employed or Self Employed are below:

Documents
Copy IDs (driving licence, passports are most common)
Employed on Salary or Part Time ↓ Employment Letter PayStub Last 2 years T4s: For over time or bonuses, other incentives 3-6 Months Bank Statements in some cases
Self Employed ↓ T1 General for the last 2 years including all activities Notice of Assessments for the last 2 years In some cases Financial Statements for the last 2 years For B Lenders: 6 Months Bank Statements and 3-5 Invoices for the work that has been done Also for B Lenders: HST Number or Master Certificate or Licence is required
Recent Mortgage Statements, HELOC Statements and Property Tax Statements, except: Purchases for New Home Buyers
Assets/Purchases ↓ Statements TFSAs, RRSPs, Savings Statements for when using Down Payment (to proof money has been in the account for more then 90 days) Assets can also include: vehicles, make, model, year and an approximate value on the market
Debts: including car loans either lease or finance, credit cards, loans, etc
Separation Agreements (in case there is one) to proof no alimony or child support has/hasn’t being paid

One of the most important items are: the 2 – 3’s how I like to be called: where did you work in the last 3 years and where did you lived in the last 3 years: addresses, company names, positions.

I presented a general idea of some documents required by A and B Lenders.
Please feel free and reach out, I’ll love to guide, assist and obtain the best mortgage package.

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Mortgage Calculators

Calculators
Mortgage Calculator
Mortgage Penalty-Pay Off