Mortgage Application Process

Mortgage Application, London Ontario

From Application to Commitment

Whether you wish to purchase your first home, or you are ready to make a move to another home, there are a number of things you need to consider. These 3 key steps will help you successfully navigate through the application process, and obtain a mortgage approval and commitment from a lender.

3 key steps:

  • Assess your own financial situation and take a close look at your monthly cash flow
  • Set up a meeting with a Mortgage Professional like myself to determine your ideal mortgage amount
  • Gather documents to support your mortgage application

Taking a close look at your income and your expenses per month allows you to figure out how much room you have left to fit in a mortgage payment. Keep in mind that the cost of home ownership is more than the mortgage payment. There are other expenses that often get overlooked. As your Mortgage Agent, I work through all of these details and help you determine the ideal mortgage amount for your budget, without compromising your lifestyle. As we proceed through the mortgage application there will be documents you will have to provide in order for the lender to approve your application. Once these documents are reviewed and accepted by the lender, the commitment can then be issued.

Here are a few musts with respect to documents:

  1. You must provide an employment letter for your current position and an employment history for the last 2 to 3 years
  2. You must provide at least 2 recent pay stubs and show your pay going into your account
  3. If you are self employed 2 years Notices of Assessment must be provided
  4. You must show a 90-day account history, ideally in the form of bank statements, showing the accumulation of the funds you are using for the down payment plus legal costs
  5. You must provide written consent that allows for a personal credit check to be done on each mortgage applicant

There will be other document requirements during the application process, and these details will be provided according to individual circumstances.

Click here for other steps to Get Mortgage Ready.