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Dec 27 Getting Pre-Qualified for A Mortgage? Look Here First!

Posted by: AdminS

Looking to get Pre-Qualified for a Mortgage?

Under Canada’s new mortgage rules it is important that consumers have an accurate picture of “how much house” you can afford as today’s lenders leave a lot less room for discretion or error.

Income Confirmation

  • Salaried Employee – Letter from employer confirming all details of employment, T4 and recent pay stubs

  • Commission sales – personal tax returns, NOAs from Revenue Canada

  • Self-employed – personal tax returns, NOAs from Revenue Canada, business financial statements and tax returns

Banking & Financial Information

  • Know your banking information i.e., name, address, account types and account numbers

  • Know your assets (what you own) and their value i.e., cash amounts, stocks, bonds, RRSPs, car

  • Know your liabilities (what you owe) i.e., car loan, credit card balance, child/spousal support payments, all existing mortgages

  • Disclose ALL your past credit and tax problems up front – the bottom line is that your lender will find out if you’re hiding something – so it is best to disclose everything early so it doesn’t look like you are trying to hide something

These tips will help you get pre-qualified for your mortgage which will go a long way in helping your realtor find the right home for you.

All this and more will be covered on tonight’s episode of CP24’s ‘Hot Property’!

If you missed out on last week’s episode and you’d like more information on Canada’s hottest mortgage topics – you can watch previous episodes online.

Each episode of ‘Hot Property’ guest-stars one of MonsterMortgage.ca’s leading mortgage experts. As the leading mortgage experts in Canada, MonsterMortgage.ca mortgage experts answer live phone calls and address the hottest mortgage topics in Canada.

Catch CP24’s ‘Hot Property’ every Thursday night at 7:15PM!

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