Homebase Mortgages

What Do I Need for a Mortgage Application?

\"\"Nothing is more harrowing than a mortgage application – and if you don’t know what you’re doing you could waste valuable time and money. Here we’re going to talk about what personal information you’ll need, employer details like tax returns and paystubs, any assets you have coming in, housing information and even debt information, so you’ll be prepared. It’s important that you have everything ready before you even start looking for mortgages – even if you go to a Canada mortgage broker they’ll still ask for the same information that a bank or other lender would.

Personal Information – Proving You’re You

You need to be able to prove to the lender that you are who you say you are. Having your ID card, driver’s licence, birth certificate, passport, anything with a photo on it and your ID number is going to help determine your identity. Be very wary of any lender that doesn’t look for this information when they’re processing your application. After all, if they’re not worried about you proving you’re you, what are they going to do down the road when an identity thief poses as you? Security is a hassle but it’s very important for a good reason!

Income – How Much do You Make?

You’re going to need to be able to prove how much income you have each month. This means you’re going to have to show any monthly income from your job, alimony, child support, etc. etc. You may need to bring in your divorce decree, tax statements, anything that can show that your income is steady and should be considered in your mortgage application. Things like this are going to help you make sure your application is approved. You’ll also need to bring in any employer details that you can; some banks and lenders will want to speak with your employer and verify employment before proceeding.

Assets to Consider as Income

Assets, like bank accounts, should always be considered when applying for a mortgage. You’re going to need to give access to the lender to check, a simple permission form, so they can see how much in funds you have available to you. The more you’re liquid, or have easily accessible cash in your bank account, the better off you’re going to be. It’s important to include all of your accounts so all of your assets can be considered as part of your application.

Debt Information

If you have any debts they’ll also have to be considered. Your debts, or monthly expenses, shouldn’t be more than 28% of your monthly budget. If you’re spending more than this your mortgage lender may charge you extra as in points or even deny you. Working with a co-signer can help you get a better mortgage, just make sure that they have better credit than you do. If you have a co-applicant like a spouse or a friend, they’ll be able to help you improve your attractiveness to different mortgage lenders.

Contact us today and see what we can do for you.

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Homebase Mortgages