At Avon Financial , we understand that applying for a mortgage can be quite a challenge. A mortgage application can be viewed as a stressful or laborious task, but with a little preparation, you can apply for a mortgage quickly and easily.
As experts in mortgages, we’ve created a handy checklist of requirements that are essential to complete your application with as little stress as possible. Follow our checklist for a smooth mortgage application process, so that you can get back to the other important things in life.
1. Documents needed when purchasing a home or refinancing :
If you are buying a house, you need a Purchase and Sale Agreement and an MLS listing from the realtor. For refinancing, you need a recent mortgage statement and a property tax bill.
2. Employment and income documentation you require:
a. Letter of employment.
b. Copy of latest pay slip.
c. T4(s)
d. T1 General(s) (if self-employed).
e. Notice(s) of Assessment (NOA).
Other income documents needed:
a. Legal agreements or bank statement to support a spousal or child support payment.
b. Other sources of income such as disability pension, rental income, etc.
3. Documents confirming your down payment:
a. Savings or investment statements for the last ninety days.
b. Sale of an existing property (a copy of the sale agreement).
c. Gift letter.
d. Withdrawal from RRSP under the Home Buyer’s Plan.
4. Basic financials details:
a. A list of current assets and liabilities.
b. Bank account and transit number for payments.
5. Using a lawyer?
If you wish to use a lawyer, then you must submit their contact information.
If you have any concerns about applying for a mortgage, reach out to the mortgage brokers at Avon Financial . As experienced mortgage agents in Brampton, ON, we assist you through the mortgage process and help you find the right product for you. We do so by matching your financial needs and goals with some of Canada’s leading lenders.
To learn more about our services, please click here . Have a question? We’d love to hear from you. Contact us here
