Tips for Home Buyers – The Mortgage Appointment
If you are planning to purchase a home & have started searching for a mortgage broker and are looking to get pre approved, here are some tips of the necessary paperwork that you will need to provide to your mortgage broker:
1- Income Documents (usually asking for two most recent T4s and pay stubs if you are not self employed)
2- Proof of Funds (your downpayment – is it gifted? If so you will need to fill out a form. Is it in your RRSP – did you know it has to be in there for at least 90 days, is it in a locked GIC)
3-Details of your outstanding debt (Car Loans, Credit Card Loans, line of credit, etc)
It is better to give your mortgage broker as much information as possible so that they can help direct you in the right affordability price point when you are ready to go on your house hunting trip.