Thursday, December 4, 2014

Ways to speed up your mortgage approval!

Every mortgage professional needs supporting documents to arrange a mortgage approval: Below is a list of items you may need to provide:

1. Photo ID - have a clear copy on file to send to me when we work on your application
2.I will require your social insurance number in order to access your credit bureau

For Income we could ask for any of the following items:
1. Letter of employment
2. Most recent Paystub
3. Union Letter
4. Last two years T-4's
5. Last two years Notice of assessments - see my post earlier this week on how to obtain this
6. Last two years T-1 Generals-see my post earlier this week on how to obtain this
7. Business Financials

For Down Payment we could ask for any of the following items:
1. 3 months bank statements, savings or chequing account
2. Most recent RRSP and investments statements
3. Gift letter provided by myself and signed by you with proof of gifted funds deposited into the bank account
4. Source of borrowed funds

Housing History:
1. Most recent property tax assessment
2. Most recent mortgage statement
3. Rental agreement or lease agreement - only can be used for legal suites

Contact Amy to get the preapproval started today and I can tell you what out of the above documents you will be required to provide.

Monday, December 1, 2014

Mortgage Tips - Mortgage Paperwork required for an approval

Tip One:  My Account - Canada Revenue Agency

If you are will be looking to get a mortgage anytime in the near future this is one of the best tips you will ever find!!!!!!

This tip applies to any person's who are:
1. Self Employed
2. Contractors
3. Full Commission or any part Commission
4. Paid Bonuses Annually
5. Working Overtime
6. With a Union and moves from Job to Job
7. Nurses
8. Anyone who is permanent part time for greater than two years

If you fall into any of the categories above you will be required to verify your two year average income to qualify for a mortgage.  The lender will ask for:

1. Last two years Notice of Assessments
2. Last two years T-1 Generals

If you sign up for My Account on the CRA website -
then you can print these items whenever you need them:)

Tip:  DO IT NOW! - once you go into the account to sign up they must mail you a password which can take up to ten business days, USUALLY TO GET A MORTGAGE IN PLACE YOU ARE ONLY GIVEN TEN DAYS.  SO SIGN UP NOW AND BE PREPAPRED WHEN THE TIME COMES.

Stay tuned..... I will be giving out these tips throughout December.
Amy Wilson
Verico Brokers For Life