When applying for pre-approval, be prepared to provide the following information to your broker or lender prior to beginning the process. Also be diligent about clearly discussing your long-term life goals and strategies with your broker or lender…what you want to do down the road can affect your choices. The type of mortgage that is best for you will vary according to your plans for the future.
Get Your Documentation Together
- Social Insurance Number
- Current address. If less than three years were spent at this residence a previous address will be required.
- Current and previous employment information (if current employment is less than three years).
- Verifiable income such as a pay stub or bank statement.
- Value of all assets not including the home, such as vehicles, RRSPs and savings accounts.
- Recent mortgage statements.
- Recent credit card statements.
- Recent loan statements, including lines of credit, car loans and student loans.
- Estimated value of your home.
- Housing expenses (utilities, property taxes etc.)
There are many options in mortgages. Fixed rate vs. variable. Closed vs. open. And drilled down, variables matter too. Property owner vs. new buyer. And savings vs. credit.
Mortgages are flexible, and have some attributes that appeal to some, and others that appeal to the rest. Mortgage brokers and planners like Mortgages By Candice find the best of both worlds. Contact us for more information!
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“5 Crucial Steps Before Applying for Pre-Approval!”