The Ultimate Mortgage Application Checklist
At Martel Mortgages, we understand that applying for a mortgage can be quite a challenge owing to the complex application procedure and the changing dynamics of the mortgage market. As a layperson, you may find the mortgage application a stressful or laborious task, but with a little preparation, you can handle the process quickly and easily to acquire the mortgage you want.
As experts in the mortgage industry, we’ve created a handy checklist to help you complete your taxes with as little stress as possible. Follow our mortgage application checklist to get your mortgage approved without any hassle or difficulty, so that you can get back to the other important things in life.
Today’s lenders require confirmation of income in some way, shape or form. The documents you can have ready include:
a. Letter of Employment
b. Recent pay stubs
c. T4s for the last two years
d. Notices of Assessment for the previous two years
e. Confirmation of Canada Child Benefits, including the age of children
2. Down payment
The minimum down payment required by law is five percent. This can come from savings, TFSA’s, or RRSPs. It can also be gifted from immediate family members. Most lenders require ninety days history of the funds you are using for the down payment (unless it’s a gift). Keep the following documents ready:
a. Bank statements
b. Investment statements
c. A gift letter signed by gift-giver and the client
d. Confirmation gift deposited in the client’s account.
3. Valid ID
Lenders require that the applicant have a valid Photo ID. Please make sure at least one of your photo IDs is not expired.
4. Agreement of purchase and sale
Keep the agreement of purchase and sale ready, along with the MLS listing.
If you have any concerns about applying for a mortgage or you’re looking for a mortgage agent to help simplify the process, reach out to the experts at Martel Mortgages in Rockland, Ottawa and Brockville, ON. As a team of mortgage professionals, we use a client-oriented approach and bring honesty and integrity to guide our clients through the mortgage process. Regardless of our clients’ needs and finances, we can help them find the right mortgage based on their situation. From first time home buyer mortgage to mortgage refinancing to a secured line of credit, we offer a full range of mortgage services to clients across Rockland, Ottawa, Brockville, Embrun, Carleton Place, Hawkesbury, and all of Eastern Ontario.