Monday, December 1, 2014

Mortgage Tips - Mortgage Paperwork required for an approval

Tip One:  My Account - Canada Revenue Agency
http://www.cra-arc.gc.ca/loginservices/

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 - http://www.cra-arc.gc.ca/loginservices/
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
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