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THE APPLICATION PROCESS:
The application process entails your mortgage lender or mortgage broker to access your information from federal agencies (revenue), collection or credit bureaux's, banks or other financial institutions where you may have a financial record and even proof and education may be required at times. This provides the mortgage lender information such as income verification and credit history - most important in deciding whether you qualify for a mortgage loan.
YOUR CHECKLIST:
When you meet with your mortgage broker you will nee the following for the verification process:
1. Income verification
2. Social security number
3. List of creditors, balances of amounts owing and their addresses
4. Your employement history for at least two years
5. Account numbers and respective balances of your chequing and savings accounts at your main branch
6. Explanations for past mistakes and credit problems
7. Legal documentation of home or property you are purchasing, as well as any other
legal backup that may be an issue such as divorce and support payments
8. Lists of all your assets and respective values
9. Signed contracts
10. Money for appraisal and processing of mortgage application
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