Shirley Lawrence

Broker, Re/Max Twin City Realty I= nc., Brokerage

39 King George = Road, Brantford, Ontario, N3R 5K2

(519) 759-5494

MORTGAGE PRE APPROVAL CHECKLIST

In the fast paced world of real estate make sure you have yo= ur financing in order prior to searching for you new home. Because if you find a home you really like, but have to wait for a pre approved mortgage y= ou could lose the house of your choice. Plus it really isn't fair to the Seller to put in an offer on their house without you and your agent knowing= can you really afford it.

Nothing is more frustrating and disheartening to search for = the home of your dreams only to realize it is impossible because for some reason you were searching in the wrong price range. Or something showed up on your credit rating that made it impossible for you to get a mortgage.<= /o:p>

In order to be pre approved for a mortgage so you can purcha= se your dream home, the following requirements must be met in order to ensure = and solidify your pre approved mortgage status.

Your Mortgage Specialist needs the following:

= ü Your Social Insurance Number

üA letter from the company you work for on company stationary outlining your n= ame, position, gross annual income and number of years working with this company= .

üYour most recent pay stub and a copy of your T4 from last year at least 3 years = of residences and employers

üKnow your banking information (ie: Institutions name, address, type of accounts,= and account numbers

üKnow your assets and their value

üKnow your liabilities (ie: car loan, credit card balances)

ü** Please let the mortgage person know about credit problems from the past (th= ey have a way of showing up at closing and this is not a thing - it can stop t= he sale)

üIf you are self-employed you are required to show 3 yrs notice of financial st= atements, and tax returns together with official assessments from Revenue Canada.=

Down payment confirmation: today more than ever before we ha= ve to show where we are getting our down payment from. If you have cash savings in your bank account, it must be proved that it was there for 3 months. If you have investments in RRSP, GIC's, Mutual Funds etc., co= pies of the most recent statement is required.

The mortgage specialist must be able to confirm where the mo= ney came from especially if the money was just recently put into an account. (G= ift from parents etc). If the gift is given, for example from parents to child, a gift letter must be obtained and signed by the giftor and the giftee. Copies of standard gift letters are available from mortgage specialist.

Once the two documents are presented and verified, you will = be given an official pre approval, on approved credit. Note that once an= official offer to purchase is accepted and signed, you will then be given an official approval that will be fully conditioned on possible CMHC approval on the property purchased.

Have all of your paperwork in pla= ce before placing an offer.

This makes the whole process flow f= aster and more smoothly!

<= /p>

I really would love to meet you in person and help you disco= ver how much fun it can be buying a home whether your first or your last, it ca= n be handled almost stress free! Call me and see how it is done!!!

Shirley Lawrence http://www.shirleylawrence.com

Broker, Re/Max Twin City Realty Inc., Brokerage <= /span>

&nb= sp; 39 King George Road, Br= antford, Ontario, N3= R 5K2

(519) 759-5494