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Premium member Presentation Transcript Mortgage Checklist For the Best Mortgage Rates in Canada: Mortgage Checklist For the Best Mortgage Rates in Canada What to know before you walk in to visit your lenderCheck Your Credit: Check Your Credit Before you even start, it is advised to check your credit bureau information. There are an increasing number of studies that show that over 79% of individual credit scores have errors. This step is completely optional. However, it is in your own best interest if you’re seeking a loan. You are allowed to order a free copy of your credit score from Equifax and TransUnion once per year. Check and dispute any errors before you submit your loan application. You can’t get the best mortgage rates in Canada if you have bad credit that isn’t even if your fault. If you’re reasonable certain your credit is correct, than you can skip this optional step.Personal Information : Personal Information Obviously, your lender is going to want to verify who you are. You’re going to need supporting documents to specify your date of birth, current address and phone number, marital status (if applicable), number of dependents (if applicable), addresses for the past 3 years, and of course, your social insurance number (SIN).Verify the Property : Verify the Property If you aren’t already in the process of purchasing a property and are instead just seeking a preapproval, this will not be required. A mortgage preapproval is a great way to get your offer taken seriously. Lenders will typically ask for a copy of the purchase and sale agreement, copy of the MLS listing, address and description of the house if it is a private sale with no MLS listing, current owner contact information to access the home (if applicable), new construction plans and specifications (if applicable), and your lawyer’s contact information (can be sorted later).Verify your employment/income: Verify your employment/income You know where you work but your lender may not. Depending on the type of employment, you may need anything from a few paystubs and a letter of employment to NOA (notice of assessment) and T1 to verify your income. It used to be that two years of T4 statements was enough but the increasing amount of fraud, many lenders may now require an N1 and/or T1. It’s really at the discretion of the lender so there is no easy answer. For salaried employees, most lenders only require your two most recent paystubs. What you will require will depend largely on how the lenders perceive your situation as a borrower so be mindful of this. Lastly, if there is any employment gap in the last year, you’ll want to provide a written explanation of that.Down Payment: Down Payment Not only are you going to need to know exactly how much of a down payment you have available, you’re going to need to verify your down payment. In recent memory, some buyers and sellers were arranging for phone receipts and papers claiming down payments that didn’t actually exist in order to commit mortgage fraud. Don’t be alarmed if your lender asks for bank records to verify the down payment.Miscellaneous : Miscellaneous Most of this information is not required, although some lenders may ask for it. However, it’s a wide idea to be pre-emptive about your mortgage. Lenders are just people and so if you look incredibly prepared, it’ll make your loan easier to give the proverbial stamp of approval to and you can often actually get the best mortgage rates in Canada. You can make a complete list of your assets, including personal bank accounts verified by 3 months worth of statements, confirmation of that down payment, current value of any and all investments including RRSPs, value of life insurance and supporting documents, information on your cars including estimated value as well as pictures and how much you owe, information on any significant property and/or real estate you own, and any information on financial gifts or bonuses you have received. You can also itemize your debts, provide a written explanation of any bankruptcies (if applicable), and written explanations of past credit problems. While these are not required, they can help make the banks understand your situation more easily.Determine the Best Type of Loan: Determine the Best Type of Loan There are numerous loan types of packages available. Your needs will vary with your own personal situation. If you’re unsure, the best thing to do is to discuss with an experienced professionally mortgage broker. Typically, mortgage brokers are paid a commission from the lenders directly so there is no cost to getting this kind of advice. You’ll want to not only discuss the loans but the fees involved as many buyers can often overlook them.Getting the Best Mortgages in Canada : Getting the Best Mortgages in Canada There are so many different lenders and loan packages that getting a top mortgage can seem overwhelming. Getting expert advice is paramount in getting the best mortgage rates in Canada. You can and should speak with an experienced mortgage broker who can help shop your loan for you. Another option is to use a mortgage search engine like CanadaRates.ca which can search lenders for you. It’s a free mortgage search engine that connects people with hundreds of lenders. A lot of people find that it’s by far the easiest way to get the best possible rates in Canada. Whatever you do, be advised that your bank often has a “preferred rate” that they only offer to you once they know you’re shopping around. Be sure to let them know that you’re using a service like http://canadarates.ca or a professional mortgage broker and you can get the best mortgages possible. You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.