What information is required to be Preapproved for a Mortgage?

If you are applying for a preapproved mortgage, have following information ready to give to "The House Team":

• Have your employer give you a letter on company letterhead outlining your name, position, gross annual income, and number of years employed with the company.
• If you are self-employed, you will need three years financial statements, and tax returns (together with official assessment from Revenue Canada).
• Social Insurance Numbers.
• At least 3 years history of residences and employers.
• Know your banking information (i.e. institutions name, address, type of accounts, account numbers)
• Know your assets and their value (i.e. cash amounts, stocks, bonds, RRSPs, car).
• Know your liabilities (i.e. car loan, credit card balances).
• Also, be sure and advise your Mortgage Intelligence Consultant about any past credit problems you may have had.
• Finally, write down a list of questions you would like to have answered by "The House Team".