Getting pre-approved for a mortgage should always start with a phone call to your Mortgage Specialist. Knowing what you are pre-approved for will help your realtor narrow down your search on your new property and make sure it fits within your budget. It will also help speed up the approval process because your broker will have all the paperwork on file.
Calling us first will give you confidence when you do find that place that feels like home; you are in a position to write an offer.
Mortgage qualification process is different than being pre-approved. Some banks pre-approvals are just rate holds and not document qualified approvals. A 60-second application shouldn’t make you feel comfortable about placing an offer to purchase on your home. I have seen clients declined at the time of purchase because they weren’t fully qualified.
The pre-approval process is a rate hold anywhere from 90 to 120 days. Many lenders have higher rates for pre-approvals, but when an offer is written, you are given the rate drop at that time. Having a pre-approval in place protects you in an increasing rate environment.
For the qualification process, your mortgage specialist will ask for your income documents. Having the following will help give an accurate picture of your financing.
When meeting with your mortgage specialist, it is a good idea to have the following handy:
1) Employment Letters
2) Two current pay stubs
3) 2017 & 2016 T4’s
4) 2017 & 2016 Notice of Assessments
5) Down payment confirmation
6) Mortgage statements (if you currently own)
7) Property Tax statements (if you currently own)
8) Lease Agreements (if you currently own)
9) 2017 & 2016 T1 Generals (if self employed)
10) 2017 & 2016 Company Financials (if self-employed)
Feel free to call me anytime to discuss your financing. I will give an honest opinion of what options you have.