Wendy Goodsir’s Blog ~ Mortgage Associate

Mortgage Rates:

as of September 30, 2008

Mortgage Rates:

as of September 9, 2008

When looking to make the leap into homeownership the first place to start should be with an experienced mortgage broker and getting you a thorough pre-approval.  This pre-approval will tell you what properties to look at when you head out.  This will eliminate any confusion or disappointment.  When creating a mortgage plan your mortgage broker needs to take into account your current financial situation also what your financial goals are for the next 5 years. 

It is important to gather required documentation for your mortgage planner, these documents would be specific to your income.  If you are a permanent employee an employment letter stating you have permanent position, what your position is, your start date and your salary.  Also, include copies of two most resent pay stubs.  It would also be a good idea to locate your past two years T4’s.

If you are self employed, copies of your last two most recent Notice of Assessments also last years T1 Generals or articles of incorporation.  There are a number of programs that allows self employed and sometimes employees to state your income due to tax deductions and easily explaining your personal income deductions. 

These documents are used in calculating what you would qualify for so we are not making any assumptions.  If you are not able to locate your notice of assessments you can contact the Canadian Revenue Agency to send you replacement copies.

Now that you have gathered all documentation we can move onto the mortgage application.  The application is an assortment of questions that are easy to answer.  At this time your credit bureau will also be looked at.  It is a mandatory requirement to receive the guidance and advice that you are looking for.  The supporting documents, mortgage application and credit bureau are all the compulsory items that must be reviewed to clearly determine your eligibility.  With this information, your mortgage planner will have a clear understanding for which mortgage lenders and their products that would be available to you.  Your individual credit bureau will have what is called a beacon score; this will also narrow down the products and pricing you will expect to receive.

You can now see that the collection of gathering documents is very important and can be a little overwhelming.  Which is why it makes sense to get through that part prior to starting the shopping process, and especially before you make any offers.

By gathering all your documents before hand and a little bit of planning, by the time you get to the point of making an offer on your dream property your approval should be basically seamless. 

So start gathering all the required paper work so your mortgage broker can give you a solid pre-approval.  Why take chances with your investment?

Wendy Goodsir is a licensed Mortgage Associate with MortgageBrokers.com for more information, call 403-540-6244