Lender Checklist: What You Need for a Mortgage
- T-4 forms — or business tax return forms if you're self-employed — for the last two or three years for every person signing the loan.
- Copies of at least one pay stub for each person signing the loan.
- Account numbers of all your credit cards and the amounts for any outstanding balances.
- Copies of two to four months of bank or credit union statements for both checking and savings accounts.
- Lender, loan number, and amount owed on other installment loans, such as student loans and car loans.
- Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.
- Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
- Copies of your most recent retirement account statement.
- Documentation to verify additional income, such as child support or a pension.
- Copies of personal tax forms for the last two to three years.
The first step in the home buying process is setting up pre-qualifications with a few lenders. Once you have found the lender with the most favourable rates and terms, initiate the process of a pre-approval with this lender to ensure that any discrepancies, problems or additional requests are handled well in advance. Speak with a mortgage associate and get the process rolling.
- Featured Properties
- Recent Blog Posts
-
Housing Activity to Strengthen in 2010
Housing Activity to Strengthen in 2010 OTTAWA, November 2, 2009 — Housing starts have started to recover and a... Read MoreGive the banks less $$$
A few simple ways to pay off your mortgage sooner and keep more money in your pocket. Make Payments biweekly or wee... Read MoreReal estate industry weighs outsider listings access
CREA signals its long-closed MLS system may have to be opened up following concerns voiced by Competition Bureau. Wesl... Read More