Wondering what kind of documents you will have to provide in order to get a mortgage approval? Read this and find out the most commonly requested documents.
Wright-Patt Closing QC Review_Revised 7-22-13Harvey Smith
This document summarizes a quality control review of a mortgage loan file. It includes details of the borrower, property, loan amounts, closing dates, appraisal, title commitment, 1003 application, conditions, fees, HUD statement, homeowners insurance, and disclosures. The reviewer checks that all information matches across documents and screens and notes any errors or discrepancies found. Upon completion, the reviewer will note in the loan notes whether the file requires any action or received a passing review.
The document discusses three options for homeowners with mortgages that are up for renewal: renewing with the same lender, renegotiating with a different lender, or refinancing. Renewing is a simple process but may not get the best rate, renegotiating requires requalification but can get a better rate, and refinancing allows accessing home equity but has some costs. The mortgage broker wants to help homeowners make an educated choice about the best option.
Securing Retirement with a Reverse Mortgage:San Diego Mortgage and LoansJohn Kilby
This document discusses using a Home Equity Conversion Mortgage (HECM) or reverse mortgage to supplement retirement income. It provides an overview of HECM basics like eligibility, fees, and ways to access funds. Specific strategies are presented, such as using a HECM to hedge against home price declines or defer claiming Social Security benefits for higher monthly payments later. The document aims to educate on retirement planning options through a HECM and dispel common misconceptions about the program.
The document provides information about a credit restoration company called N-2 Focus Solutions. It details the company's business model, restoration process, terms of service, and answers frequently asked questions. The restoration process involves disputing incorrect, outdated, or unverifiable items on credit reports directly with credit bureaus and validating debts with original creditors and collection agencies. The company cannot guarantee specific results but commits to using its expertise and legal processes to try to improve clients' credit standing.
This document contains a preliminary information and KYC (Know Your Customer) form for a funding request. It requests basic contact and background information about the applicant, including the name of the main shareholder and borrower, management experience, length of time seeking capital for the current project, type of business, address, credit score, funding amount requested, repayment period, collateral available, purpose of funding, asset description if applicable, and historical and projected financial performance. The applicant must sign and attach financial statements and an asset/liability statement for the request to be considered.
The CFPB has published revisions to the TILA and RESPA mortgage regulations in response to changes mandated by the Dodd-Frank Act. The revisions are known as the TILA/RESPA Integrated Disclosures, or TRID. Learn all about the changes by reading through these slides brought to you by Academy Mortgage Corporation
This document provides an overview and summary of Chenoa Fund programs, including:
1. Chenoa Fund offers down payment assistance programs in all states except New York, including Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), and DPA Edge: Soft Second (FHA).
2. The programs provide 3.5% assistance for down payments and closing costs, with various terms for repayment. The first mortgage must be sold to CBC Mortgage Agency.
3. Eligibility requirements include minimum credit scores and debt-to-income ratios. The document reviews guidelines for each program and requirements for borrowers with credit scores between 620-639.
Wright-Patt Closing QC Review_Revised 7-22-13Harvey Smith
This document summarizes a quality control review of a mortgage loan file. It includes details of the borrower, property, loan amounts, closing dates, appraisal, title commitment, 1003 application, conditions, fees, HUD statement, homeowners insurance, and disclosures. The reviewer checks that all information matches across documents and screens and notes any errors or discrepancies found. Upon completion, the reviewer will note in the loan notes whether the file requires any action or received a passing review.
The document discusses three options for homeowners with mortgages that are up for renewal: renewing with the same lender, renegotiating with a different lender, or refinancing. Renewing is a simple process but may not get the best rate, renegotiating requires requalification but can get a better rate, and refinancing allows accessing home equity but has some costs. The mortgage broker wants to help homeowners make an educated choice about the best option.
Securing Retirement with a Reverse Mortgage:San Diego Mortgage and LoansJohn Kilby
This document discusses using a Home Equity Conversion Mortgage (HECM) or reverse mortgage to supplement retirement income. It provides an overview of HECM basics like eligibility, fees, and ways to access funds. Specific strategies are presented, such as using a HECM to hedge against home price declines or defer claiming Social Security benefits for higher monthly payments later. The document aims to educate on retirement planning options through a HECM and dispel common misconceptions about the program.
The document provides information about a credit restoration company called N-2 Focus Solutions. It details the company's business model, restoration process, terms of service, and answers frequently asked questions. The restoration process involves disputing incorrect, outdated, or unverifiable items on credit reports directly with credit bureaus and validating debts with original creditors and collection agencies. The company cannot guarantee specific results but commits to using its expertise and legal processes to try to improve clients' credit standing.
This document contains a preliminary information and KYC (Know Your Customer) form for a funding request. It requests basic contact and background information about the applicant, including the name of the main shareholder and borrower, management experience, length of time seeking capital for the current project, type of business, address, credit score, funding amount requested, repayment period, collateral available, purpose of funding, asset description if applicable, and historical and projected financial performance. The applicant must sign and attach financial statements and an asset/liability statement for the request to be considered.
The CFPB has published revisions to the TILA and RESPA mortgage regulations in response to changes mandated by the Dodd-Frank Act. The revisions are known as the TILA/RESPA Integrated Disclosures, or TRID. Learn all about the changes by reading through these slides brought to you by Academy Mortgage Corporation
This document provides an overview and summary of Chenoa Fund programs, including:
1. Chenoa Fund offers down payment assistance programs in all states except New York, including Rate Advantage (FHA), DPA Edge: Repayable Second (FHA), and DPA Edge: Soft Second (FHA).
2. The programs provide 3.5% assistance for down payments and closing costs, with various terms for repayment. The first mortgage must be sold to CBC Mortgage Agency.
3. Eligibility requirements include minimum credit scores and debt-to-income ratios. The document reviews guidelines for each program and requirements for borrowers with credit scores between 620-639.
This document provides an overview and summary of a training on Chenoa Fund programs offered by CBC Mortgage Agency. The training covers conventional and FHA loan programs, how to calculate AMI, the loan registration process, underwriting, locking loans, securing down payment assistance approvals, and purchasing and servicing loans. It also includes a comparison matrix of FHA second mortgage products, including the Rate Advantage, DPA Edge Repayable Second, and DPA Edge Soft Second programs.
An SR-22 is not an insurance policy; it’s simply a financial responsibility form that proves an individual has the minimum liability insurance as required by law.
An insurance card or policy will not be accepted in place of an SR-22.
An insurance provider will automatically notify the Texas Department of Public Safety (DPS) when an SR-22 is cancelled, terminated or lapses.
FHA Loans Prospect Mortgage is located in Sherman Oaks, CA and is licensed to provide mortgage loans in multiple states. FHA loans have more flexible qualifications than conventional loans, allowing those with less than perfect credit or a low down payment of 3.5% to qualify. They also provide options to help keep homeowners if they encounter financial hardship. FHA loan limits vary by county but range from $271,050 to $729,750.
The four Cs of underwriting are:
1. Character - The borrower's credit history
2. Capacity - The borrower's ability to repay based on income
3. Collateral - The value of the property securing the loan
4. Capital - The borrower's available funds, typically a down payment
This case involves a dispute about who is entitled to death benefits under a life insurance policy. On one side of the dispute is the insured's wife at the time of his death. On the other side are his children from a prior marriage and co-trustees of the insured's irrevocable life insurance trust. Both sides claimed they are the rightful beneficiary of the policy and thus entitled to the death benefits.
We offer fresh cut bank instrument for lease and purchase, such as BG, SBLC, MTN,Bank Bonds, Bank Draft,T strips and others. Leased Instruments can be obtained at minimal expense to the borrower compared to other banking options. We also give cash loan for projects. This offer is opened to both those and corporate bodies We are RWA ready to close leasing with any interested client in few banking days,if interested do not hesitate to contact us Via Skype : live:albiongrouplimited Email: albiongrouplimited@mail.com
The document discusses 8 common mistakes people make when applying for a mortgage. These include excessively transferring money between bank accounts, over-estimating income, not knowing your credit score, looking at properties outside your price range, tight timelines, being unprepared with paperwork, and limiting mortgage options. The author recommends working with a mortgage broker to avoid these issues and ensure the strongest possible mortgage application.
If you answer 'YES' to any of these questions, you could benefit from a mortgage check-up. Take the test now and see if you could be saving money every month.
5 Things you should know about financing a condoMortgage Girl
There are many items you should be aware of before buying a condo, in my opinion the 5 most important ones from a financing perspective are included in these slides.
Step by step process to buying a home. Everything you need to know from making the offer, to getting the proper inspections, the paperwork, and closing process.
Mike Hall
Http://www.myohiohouse.com
614-937-4162
Mortgage insurance premiums are increasingMortgage Girl
Canada Mortgage and Housing Corporation announced that mortgage insurance premiums will increase effective May 2014. This will affect borrowers purchasing a home with less than 20% downpayment, as they will have to pay higher insurance premiums. The premiums are increasing by an average of 15% and are paid as a one-time percentage of the total mortgage amount. According to examples provided, a borrower with a 5% downpayment on a $100,000 home would see their premium increase from $2,613 to $2,993, with only a $2 increase to their monthly payments. The small impact on affordability makes these changes minor compared to what could have been implemented.
You own a home now, but it’s time to make a change. If you’re moving up or downsizing you probably have questions about how it all works. This article is about the logistics of buying another home while you still own your existing property, making it a smooth move.
This will walk you through the process of obtaining a mortgage while self-employed. This includes information on document and downpayment requirements, minimum credit score, interest rate expectations and self-employment definitions.
This document provides an overview and summary of a training on Chenoa Fund programs offered by CBC Mortgage Agency. The training covers conventional and FHA loan programs, how to calculate AMI, the loan registration process, underwriting, locking loans, securing down payment assistance approvals, and purchasing and servicing loans. It also includes a comparison matrix of FHA second mortgage products, including the Rate Advantage, DPA Edge Repayable Second, and DPA Edge Soft Second programs.
An SR-22 is not an insurance policy; it’s simply a financial responsibility form that proves an individual has the minimum liability insurance as required by law.
An insurance card or policy will not be accepted in place of an SR-22.
An insurance provider will automatically notify the Texas Department of Public Safety (DPS) when an SR-22 is cancelled, terminated or lapses.
FHA Loans Prospect Mortgage is located in Sherman Oaks, CA and is licensed to provide mortgage loans in multiple states. FHA loans have more flexible qualifications than conventional loans, allowing those with less than perfect credit or a low down payment of 3.5% to qualify. They also provide options to help keep homeowners if they encounter financial hardship. FHA loan limits vary by county but range from $271,050 to $729,750.
The four Cs of underwriting are:
1. Character - The borrower's credit history
2. Capacity - The borrower's ability to repay based on income
3. Collateral - The value of the property securing the loan
4. Capital - The borrower's available funds, typically a down payment
This case involves a dispute about who is entitled to death benefits under a life insurance policy. On one side of the dispute is the insured's wife at the time of his death. On the other side are his children from a prior marriage and co-trustees of the insured's irrevocable life insurance trust. Both sides claimed they are the rightful beneficiary of the policy and thus entitled to the death benefits.
We offer fresh cut bank instrument for lease and purchase, such as BG, SBLC, MTN,Bank Bonds, Bank Draft,T strips and others. Leased Instruments can be obtained at minimal expense to the borrower compared to other banking options. We also give cash loan for projects. This offer is opened to both those and corporate bodies We are RWA ready to close leasing with any interested client in few banking days,if interested do not hesitate to contact us Via Skype : live:albiongrouplimited Email: albiongrouplimited@mail.com
The document discusses 8 common mistakes people make when applying for a mortgage. These include excessively transferring money between bank accounts, over-estimating income, not knowing your credit score, looking at properties outside your price range, tight timelines, being unprepared with paperwork, and limiting mortgage options. The author recommends working with a mortgage broker to avoid these issues and ensure the strongest possible mortgage application.
If you answer 'YES' to any of these questions, you could benefit from a mortgage check-up. Take the test now and see if you could be saving money every month.
5 Things you should know about financing a condoMortgage Girl
There are many items you should be aware of before buying a condo, in my opinion the 5 most important ones from a financing perspective are included in these slides.
Step by step process to buying a home. Everything you need to know from making the offer, to getting the proper inspections, the paperwork, and closing process.
Mike Hall
Http://www.myohiohouse.com
614-937-4162
Mortgage insurance premiums are increasingMortgage Girl
Canada Mortgage and Housing Corporation announced that mortgage insurance premiums will increase effective May 2014. This will affect borrowers purchasing a home with less than 20% downpayment, as they will have to pay higher insurance premiums. The premiums are increasing by an average of 15% and are paid as a one-time percentage of the total mortgage amount. According to examples provided, a borrower with a 5% downpayment on a $100,000 home would see their premium increase from $2,613 to $2,993, with only a $2 increase to their monthly payments. The small impact on affordability makes these changes minor compared to what could have been implemented.
You own a home now, but it’s time to make a change. If you’re moving up or downsizing you probably have questions about how it all works. This article is about the logistics of buying another home while you still own your existing property, making it a smooth move.
This will walk you through the process of obtaining a mortgage while self-employed. This includes information on document and downpayment requirements, minimum credit score, interest rate expectations and self-employment definitions.
HOM INtro #5: What\'s a Hardship Package Anyway?MildredWilkins
Don’t you hate it when there is something you have to do and you have no idea how to get started? You would be willing to provide what is being asked for—if you better understood what that was? Providing a hardship package is a requirement for almost all lenders/servicers in order to get any kind of workout. Yet, seldom do consumers feel they have a clear understanding of what is needed, why it is needed or how to put together the information so critical to their housing mess. You’ll be prepared to get the job done once you have reviewed this INtro. Isn’t it worth 15 minutes of your time to get the details you need to do a better job of giving your lender what they need—to give you what you want? We thought you’d agree...
Welcome to the Elite Edition! This complimentary newsletter is published every month by The Debra West Team. Our goal is to provide information to our past, present, and future clients about what is going on in the local real estate market and provide fun and useful information for homeowners. Check out the latest issue here!
The document discusses 10 things to know about second mortgages. It explains that a second mortgage allows homeowners to access equity in their home quickly without penalties by taking out a loan behind an existing first mortgage. It warns that second mortgages have higher interest rates and fees than first mortgages. The document recommends only using a second mortgage for short-term needs and having an exit strategy to pay it off quickly or refinance.
Similar to Mortgage Documents Required For A Mortgage Approval (20)
This advertisement promotes contacting a mortgage broker for assistance with various mortgage needs including purchasing a new home, renewing an existing mortgage, obtaining a second mortgage, or getting pre-approved. It provides the contact information for Jackie Woodward of TMG MortgageGirlca who can be reached by phone at 780-433-8412.
Rent-to-Own has become a trend for homebuyers who can't qualify to buy right now. Before you think about sign on the dotted line, read this first! Real estate & mortgages should not be complicated, learn the basics with our newest slides.
This document provides 13 tips for maintaining a good credit score. It recommends doing things like having credit that reports to credit bureaus, paying balances down without going over credit limits, checking your credit report at least once a year, and talking to a professional about credit. It advises against missing payments, giving lenders inconsistent personal information, and waiting to get help if facing financial difficulties. The overall tips suggest actions people can take to build and maintain a strong credit score.
Should You Rent or Buy- Take the quiz now!Mortgage Girl
Is it time to move out of your parents place? Or finally time to get a home of your own? Find out if you're ready to buy. Or maybe renting for a bit longer may be better for you. Take the quiz to find out!
You probably know how much your mortgage payment is, but do you know what's in it? This will explain what's in a mortgage payment, and all the fun things you can do with it. Enjoy!
Quiz: Are you ready to buy your first rental propertyMortgage Girl
Buying your first rental property is a big commitment and investment.This quick quiz is meant to act as a preliminary checklist before you take the next step in the buying process.
This document discusses qualifying for a mortgage as a self-employed individual. It explains that self-employed status includes owning part or all of a business or being a contract worker. It outlines the process for qualifying including verifying income through tax documents if self-employed for over two years or stating an income if self-employed for less time. Higher downpayments are typically required if income cannot be verified traditionally or the applicant has credit issues. Various documentation is needed to confirm self-employment status and income. Working with a mortgage professional experienced with self-employed borrowers is recommended to find the best options.
The document provides tips for improving a poor credit score, including keeping unused credit cards active with periodic small purchases and payments, ensuring any closed accounts have a zero balance, spreading credit usage across multiple accounts to avoid maxing any one out, never exceeding credit limits, paying all bills on time, checking one's credit score annually to monitor for identity theft, and contacting a mortgage professional with any other credit-related questions.
An appraisal is an estimate of a property's value based on analyzing recently sold comparable properties in the area. Appraisers are professionals who provide objective valuations of properties. They must complete extensive education and be licensed by professional associations. To appraise a property, an appraiser will inspect the property to gather specific data, research listing and sales prices of nearby comparable properties from sources like MLS, and use their experience to estimate the subject property's value in their report.
AVRUPA KONUTLARI ESENTEPE - ENGLISH - Listing TurkeyListing Turkey
Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
With a wide range of apartment types available, from 1+1 to 4+1, we have something to suit every need and budget. Each apartment is designed with attention to detail and features spacious and bright living areas, making them the perfect place to relax and unwind after a long day.
One of the things that sets Avrupa Konutlari Esentepe apart from other developments is our focus on creating a community that is both comfortable and convenient. Our homes are surrounded by lush green spaces, perfect for enjoying a peaceful stroll or having a picnic with friends and family. Additionally, our complex includes a variety of social and recreational amenities, such as swimming pools, sports fields, and playgrounds, making it easy for residents to stay active and socialize with their neighbors.
https://listingturkey.com/property/avrupa-konutlari-esentepe/
Serviced Apartment Ho Chi Minh For RentalGVRenting
GVRenting is the leading rental real estate company in Vietnam. We help you to find a serviced apartment for rent in Ho Chi Minh & Saigon. Discover our broad range of rental properties in Vietnam.
For more details https://gvrenting.com/
BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
Discover Yeni Eyup Evleri 2, nestled among the rising values of Eyupsultan, offering the epitome of modern living in Istanbul.
With its spacious living areas, contemporary architecture, and meticulous details, Yeni Eyup Evleri 2 is poised to be the star of your happiest moments. Situated in the new favorite district of Eyupsultan, claim your spot and unlock the doors to a peaceful life alongside your loved ones. Nestled next to the historical and natural beauties of Eyupsultan, embrace the comfort of modern living and rediscover life.
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Recent Trends Fueling The Surge in Farmhouse Demand in IndiaFarmland Bazaar
Embarking on the journey to acquire a farmhouse for sale is just the beginning; the real investment lies in crafting an environment that contributes to our mental and physical well-being while satisfying the soul. At Farmlandbazaar.com, India’s leading online marketplace dedicated to farm land, farmhouses, and agricultural lands, we understand the importance of transforming a humble farmland into a warm and inviting sanctuary. Let's explore the fundamental aspects that can elevate your farmhouse into a tranquil haven.
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2. DOCUMENTS REQUIRED
FOR A
MORTGAGE APPROVAL
What is required to get a mortgage approval is more extensive than it
was five years ago.
Not every mortgage is alike and neither are the document
requirements.
Here is a list of the most commonly requested documents you will be
asked to provide;
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
3. DRIVERS LICENSE OR
PASSPORT
This document is required to verify your identity and also
to ensure the correct spelling of your full legal name.
It is important the information on the driver’s license is
current and accurate.
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
4. SOCIAL
INSURANCE
NUMBER
All income tax paying Canadians have this 9 digit number
also known as your SIN.
Providing it when a lender is ordering your credit report
ensures the report generated is for you and not for
someone with the same or similar name as you.
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
5. SOCIAL
INSURANCE
NUMBER
If you are in Canada on a work permit or have landed immigrant
status, you would have a SIN number starting with a ‘9’ and it is
important for the lender to immediately be informed of this.
Given the lenders all seem to have different rules and guidelines
under their New to Canada programs you want to know right away if
you need to apply for a mortgage with a different lender.
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
6. PURCHASE
CONTRACT
This document is usually only required by the lender when purchasing a property or
under a special program when one person refinances a jointly owned home in order to
buy the other party out in the case of a relationship breakdown.
Ensure the offer to purchase documents are clear as your lender will require a legible
copy for their file and often after faxing back and forth for changes and initials they
are difficult to read.
The lender will also require the MLS listing sheet for the subject property you are
purchasing, however, if not available, you will be asked to provide property details.
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
7. LAND TITLE
If you are refinancing your property a current land title will likely be
requested during the mortgage application process.
Have your property legal description on hand as it is usually the
lender or mortgage broker who will order the title search. This
information can be found on a recent property tax assessment or bill.
In the case of a property purchase, it is the lawyer who would be
conducting the title search.
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
8. DOWNPAYMENT
CONFIRMATION
This documentation requirement varies depending on the source of your
downpayment funds.
For money you have saved over a period of time, the most recent 90 day transaction
history is usually required. Ensure you can also provide details and history of any
large deposits into that account over the last 90 days.
The lenders will not accept documents where anything is “blacked out” and you must
also ensure you confirm ownership of the accounts by providing both the account
numbers and names on the accounts.
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
9. DOWNPAYMENT
CONFIRMATION
For gifted funds, expect to provide a gift letter from an immediate
family member as well as proof the funds have been deposited to
your bank account.
If you’re borrowing your downpayment, be prepared to provide
paperwork that confirms the available balance and minimum
payment amount.
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
10. LAWYER CONTACT
INFORMATION
If your mortgage lender requires a lawyer to close your mortgage
transaction, you will need to provide the contact details of whom you want to
work with.
Contact information includes law firm, phone number, fax number, office
address and email, if possible.
Your realtor, lender or mortgage broker can refer you to a lawyer they know
and have worked with if you don’t already have a real estate lawyer.
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
11. CREDIT
REPORT
Normally, the mortgage professional you’re working with will order your
credit report and submit it to the lender with your mortgage application. It is
rare for a lender to accept a credit report provided by the borrower that they
ordered themselves.
If you have a limited credit history, your lender may allow you to provide an
alternative credit source and some acceptable examples may be a letter from
your landlord confirming no missed rent payments or confirmation of some
other form of monthly payment that you’ve been making for 12 months or
more.
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
12. INCOME
CONFIRMATION
The exact requirements depend on how you are
employed, however, you can expect to be asked for some
sort of documentation to verify you can make your
mortgage payments.
Requested documents differ for borrowers that are
employed versus self-employed.
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
13. INCOME
CONFIRMATION
For employed borrowers, you will be asked to provide a
job letter and recent paystub.
If you earn overtime or bonuses, you will be asked for the
above AND at least 2 years Notice of Assessments or
T4’s.
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
14. INCOME
CONFIRMATION
For self-employed borrowers, the document
requirements vary depending on the lender you are
working with as well as the program you are being
approved under.
I suggest speaking with a mortgage professional about
what your specific financial situation and requirements.
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
15. INCOME
CONFIRMATION
Keep in mind the programs available for self-employed individuals
vary with the different lenders and if you are declined by one lender,
you may very well be approved by another one who has different
rules and guidelines for the self employed person.
Be aware, a good majority of the programs for the self-employed
request you have no personal income tax owing to Canada Revenue
Agency.
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
16. CONDO
DOCUMENTS
Condo documents include but are not limited to;
- Condo Reserve Fund Study
- Annual General Meeting Minutes
- Condo By-Laws
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
17. CONDO
DOCUMENTS
This applies only to condos. The lender or the lawyer will most often
require the recent reserve fund study as well as minutes of the most
recent annual general meeting.
These documents allow the lender to determine if the condo board is
running the complex responsibly and effectively. If a property is
being mismanaged, it can result in expensive special assessments
or other costs being passed onto the borrower and owner of the unit.
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
18. EXISTING PROPERTY
INFORMATION
If you are on the title of any other property or properties of any sort,
you will likely have to provide documentation to confirm the monthly
costs related to the property.
As you own it, or even a part of it you are ultimately responsible for
100% of its costs. The lender needs to ensure you can qualify to
support the new financing you’ve applied for as well as the costs of
any existing responsibilities you may have.
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
19. DOCUMENTS REQUIRED
FOR A
MORTGAGE APPROVAL
This list consists of the most commonly requested documents I see on
mortgage approvals these days. Of course, there are exceptions to the norm.
I can’t emphasize enough how much benefit you can get from working with
an experienced mortgage professional of your choice.
Not only can they guide you through the mortgage process, they can also
work with you and the lender to come up with reasonable and attainable
mortgage approval document requirements.
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca