Applying for a mortgage can be a stressful time. There are a number of requirements that must be fulfilled before a lender will release money to you. Unlike a bank who only has one set of guidelines to follow, I work with many lenders who all have slightly different guidelines and requirements. This means I need to ensure that I gather all the required documentation up-front 100% of the time so that I can do a proper examination of your entire financial situation and prescribe the mortgage products that fit your unique situation.
No matter how much planning and preperation is done ahead of time, issues can come up from time to time. In the unlikely even that issues do arrise, that is when I shine the most, by being there for you to take care of the situation and making the process as stress-free as possible.
My mortgage process is designed to make the most effective use time so that you do not need to come and meet me in person. This is a win-win for everyone involved. You are able to because that allows me to be available for you when you need me.
Below is a list of the crucial documents that I initially require so that I can understand your financial situation. Other documents will be needed in addition to these which vary depending on the type of transaction and lender.
Are you an Employee?
- Signed Letter of Engagement
- Last 2-years of T4’s
- Last 2 years of Notice of Assessment
- Employment Letter
Are you Self-Employed?
- Signed Letter of Engagement
- Last 2-years of full T1 Generals
- Last 2 years of Notice of Assessments
These documents may be required depending on the type of transaction.
- 90 days of bank statements to confirm income or down payment
- Current mortgage statement
- Property Appraisal
- Realtor version of MLS Listing
- Signed Offer to Purchase OTP (with subject to financing)
- Copy of cheque used in OTP
- Confirmation of Pensionable Earnings
4-Step Mortgage Process
We have a 30-45 minute call to discuss your current financial situation as well as your long-term goals. You have a chance to ask any questions and I provide you with mortgage information so that you are well informed.
Application & Documentation
After our discovery call, I will immediately send you an email with the list of all the required documents for you to obtain and email back to me. These documents will be required by all lenders so this is needed before we can proceed any further.
Product Selection & Submission
After all the documents have been reviewed and verified, I provide you an analysis of several mortgage options for you to choose from. These options illustrate how each product affects your net-wealth over the life of the mortgage.
Commitment & Closing
After you have selected your product, I submit your file for approval. We receive a commitment back from the lender who usually stipulate tasks and/or documents that they must received or completed before the money is transferred.