We are the mortgage broker in Toronto that can help you get the best mortgage rates. However, you’ll need to go through several steps to get preapproved. Here are some of the documents that you’ll need to get started.
ID
It doesn’t matter whether you’re looking to get the money from a bank or other financial institution. It’s important to start with the right identification like a driver’s license and a passport. Your Social Security Card is another must-have to get your preapproval process underway.
There’s no understating how important pre-approval is to the whole process. You’ll save quite a bit of time looking for a house since you’ll only consider the ones in your price range. Offers to purchase are taken more seriously because sellers know that you are backed financially. What’s more, real estate agents take you more seriously too.
Good Reasons
These are all good reasons to get your documentation in order. Make sure to include:
- Proof of Income. This usually means you should have a few years of pay stubs. If you’re self-employed, profit to loss statements are acceptable.
- Tax Returns. Make sure that you have some tax returns for a few years at least. All lenders need to have a complete snapshot of your income.
- Credit History. As your mortgage broker in Toronto, we also suggest you look at your credit history before starting the pre-approval process. If you don’t have a credit history to speak of, documents like regular bill payments and utility bills can help.
Keep in mind you need to have records of any investments that include retirement accounts and other bank statements. Not only are we your mortgage broker in Toronto specialists, we also pride ourselves on supplying useful information that can help you get the keys to your first home.
