Before you can start looking through the best mortgage rates, you’ll need to get preapproved. OMJ Mortgage Capital can help. Our residential team has experts on staff with over four decades of experience.
Here’s how the mortgage preapproval process works.
Basically, you need to submit some documents. These include:
Proof of a Down Payment
This money can come from a variety of different sources including:
- Profits you’ve made on the sale of another property. If you’re going to include that kind of money, you need to have a Sale Agreement.
- Your Savings. Any potential lender will want to see your investment o/r most recent bank statements.
Of course we are the mortgage broker in Toronto that can help you find the best mortgage rates when the time comes. However, there is more to putting together the right documentation to get preapproved.
Job Information
You’ll need to verify both your employment and income to any potential lender. Be ready to provide a combination of any of the following documents.
- T4 Slips and /Recent Income.
- Several of your most recent pay stubs.
- Proof of any other kind of income you have like investments or the money made /of rental properties as well as any freelance work. This section needs to be complete.
You also need to provide some other information about your finances including current bank statements and a complete list of all your liabilities and assets.
Finally, before you come to us and we lend a hand looking for the best mortgage rates, you’ll need to supply some property details to any lending institution. These will include the complete address of the house or other type of property you want to buy.
The amount of the condo fees if applicable and property taxes as well as the anticipated heating costs will also need to be included.
