We’re here to help you get the best mortgage rates and terms whether you’re a first time or second time home owner.
As your mortgage broker Toronto specialists, we want you to have the right information to succeed. That includes a good understanding of the documents that you need to apply for a mortgage loan.
Identification
This is at the top of the list because it’s one of the most important aspects. That’s why you will need at least one piece of government issued Photo ID like a driver’s license or Canadian passport. You can use a certificate of Canadian citizenship as long as there’s a photo.
A permanent residence card or certificate of Indian status that’s issued with a photo works as well.
Proof of Employment
Any lender that will consider giving you the money needs proof that you can pay the amount they offer you back. That’s why you’ll need to have evidence of your hourly pay rate and current salary which includes pay stubs.
Looking for the best mortgage rates? You’ll need to show how long you’ve been with your employer and what position you have. Keep in mind if you’re self-employed the rules change a little. If you are your own boss you’ll need Canada Revenue Agency assessments for at least two years.
Debts
It stands to reason that the lender you are applying to will want to know how much you owe. You will need the documents for your financial obligations like student loans, lines of credit , car loans and credit card balances to name a few.
Keep in mind that getting the best mortgage rates and a new mortgage is a big responsibility. Remember to include both moving and closing costs as well as ongoing maintenance costs in your budget.
