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HOME BUYERS GUIDE
A comprehensive guide
to home ownership presented by the "The House Team"
PRE-QUALIFICATION
Information required to be pre-qualified
for a mortgage:
- Ask your employer to prepare
a letter on company letterhead outlining your name, base salary or hourly
rate, normal hours worked per week, position and length of service. A recent
pay stub and a copy of your T4 from last year may also be required.
- If commission sales, three
years personal tax returns together with the Notice of Assessments from
Revenue Canada.
- If self-employed, three years
personal tax returns together with the Notice of Assessments from Revenue
Canada, three years business financial
statements, and three years business tax returns (if applicable).
- Note: New products have been launched to the marketplace including Mortgage Intelligence’s
ideclareTM mortgage where, with good credit, you can qualify for a mortgage
based on your stated income. This type of mortgage was designed for the
self-employed, including contractors, freelancers, consultants, commission
sales professionals, or small business owners. Talk to us about mortgage
Approvals specifically for the selfemployed.
- Social Insurance Numbers.
- At least 3 years history
of residence and employment.
- Know your banking information
(name of financial institutions, address, and type of accounts, 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 balances, child or spousal support
payments.
- Please let us know about any
past credit problems you may have had.
- Write down a list of questions
you would like to have answered.
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