Friday January the 18th, 2019  _____________________

Did you find a unit

you want?

Email me






















































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 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
| | Share

Leave a comment...

Please enter the numbers found on the right.

Natasha McColl for TorontoCondominiums.Com

Sutton Group Realty Systems Inc. Brokerage

Independently owned and operated

2186 Bloor Street West, Toronto ON, M6S 1N3

Direct: 647-222-2222

Office: 416-762-4200

Fax: 416-762-6829

Powered by Lone Wolf Real Estate Technologies (CMS6)