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Tips on Applying for a Mortgage in Today's Market

October 17, 2011 - Updated: October 17, 2011
Simple Tips for Shopping for a Mortgage

 

In today's market banks are taking a more cautious approach with qualifying consumers for mortgages.

Before starting your search for the perfect mortgage be prepared, so You can negotiate the best rate.

 

  •    Employment Verification:  

 Have your job letter and pay-stubs handy. If you don't have pay-stubs, have your T4 ready.

If you are self employed, obtain 2-3 years of your tax returns (Notice of Assessments). If you cannot find them, contact Revenue Canada to reprint and mail you a copy.

 

  •   Down Payment Verification:

Many banks today want to ensure your down payment is obtained through savings and not being borrowed from a line of credit or cash advance from a credit card. Copies of your passbooks, bank statements, RRSP's, GIC's etc in advance are extremely helpful.

The majority of lenders will be looking for a minimum of 5% down payment plus evidence that you have sufficient funds for closing costs (lawyer fees, land transfer tax, etc)

 

  •   Credit: 

Credit Score is key. If you are not sure of your Credit score - you can apply online with www.equifax.ca to review your personal file. Read my blog on how to analyze your credit score.

 

 

 


Tagged with: credit score real estate buying real estate financing down payment shopping for a mortgage mortgage agents brokers
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