A Complete Checklist For A Mortgage Application
At Christina Montesano Mortgage Broker, I understand that applying for a mortgage application can be quite challenging as gathering all the necessary documents can be a daunting task, especially if it’s for your first home. As new to the mortgage application procedure, this can be viewed as a stressful or laborious task, but with a little preparation, you can handle the process quickly and easily and obtain funding for your new home.
As an expert in the mortgage industry, I’ve created a handy checklist to help you complete your paperwork with as little stress as possible. Follow my mortgage application checklist to ensure all your documents are in order so that you can get back to the other important things in life.
1. Application requirement
Here’s a list of requirements all clients must provide to complete a mortgage application.
a. Two pieces of photo identification.
b. Complete an application form online.
c. Sign a consent form (possibility of signing electronically)
2. Transaction
The following points are dependent on the type of transaction for a property purchase.
a. Bank statements or investment statements (RRSP, Mutual Funds, Bank Accounts) showing the last 90-day transaction history to confirm down payment.
b. Full Accepted Offer, including all annexes.
c. MLS Listing
3. Refinance
If you’re filling a mortgage application for your mortgage renewal, you will need the most recent mortgage statement for the property that you’ll be refinancing.
4. Employed
The following points are dependent on the type of employment.
For salaried and, or commissioned employees
a. Letter of employment
b. Copy of latest payslip with employer name
c. T4s for the last two years
For those who are self-employed
a. Full T1 Generals for the last two years (Personal Federal Income Tax Return)
b. Federal and provincial Notice of Assessments for the last two years (reflecting that there is no money owed, if something was owed, I would require a proof of payment)
c. Financial Statements for your company
5. Property owners
If you’re an owner of a property (including current residence and other rental properties) and need a mortgage, the following is required:
a. Most recent mortgage statement.
b. Copy of your municipal and school taxes.
c. Statement of real estate rentals (T776 from your Federal Tax Returns) for each of your properties.
d. Current Lease (if expired, I will require a Renewal Letter)
If you have any concerns about filling your mortgage application or you’re looking for a mortgage broker to help simplify the process, reach out to the mortgage experts at Christina Montesano Mortgage Broker serving in Montreal, QC. With over fourteen years of banking and mortgage experience, I provide dedicated and personalized mortgage services to all my clients. As a seasoned mortgage broker, I have access to over thirty-five banks and leader alternatives, which puts me in a position to find you the perfect mortgage solution with the most competitive market rate.
To learn more about my mortgage products, please click here. Have a question? I’d love to hear from you. Contact me here.