Loewen Group Mortgages – James Loewen – Milton Mortgage Broker

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Loan Application 101: What You Need To Know

Mortgage Broker Milton Ontario – Loewen Group Mortgages

You and your family have been searching for the perfect home for months. Finally, you find the home of your dreams and are ready to buy. Congratulations!

Now, it’s time to apply for a mortgage. The only problem is you don’t know a thing about how to start!

In order to get approved for a mortgage so that you can secure your dream home, you’re going to need to go through the approval process. What do you need to get approved?

As your mortgage broker Milton Ontario, the Loewen Group is here to help you.

Here is what you will need:

  • Provide personal information – You’ll need to provide us with your birthdate, marital status, phone number, address and the age of your kids (if you have any)
  • Work details – You’ll be asked to provide a proof of income to prove that you are employed. Documents like T4 slips, paystubs and tax returns are all acceptable.
  • Banking information – The name of your bank, branch, account information and account balances are required.
  • Liabilities List – It’s important to make sure that you include all of your current debts on this list. Debts such as car loans, school loans and credit card balances need to be included on this list, as well as any personal loans that you may have received.
  • Credit history report – All lenders will require a credit history report. To do this, they will need your consent and Social Insurance Number.
  • Property Information – If you are already the owner of a property and are applying for a second mortgage, you’ll need to provide information for your current property. This will include a copy of the mortgage statement in addition to a copy of the previous years’ property tax statement.
  • Proof of down payment – Verification of your down payment is required and can be either a document of the bank account where the money is located.
  • Listing & Purchase Document – A copy of both the listings and purchase agreement will be required to secure a loan. This is further proof to your mortgage broker that you do in fact have a home lined up.

This is just some of the things that are required for a loan approval. If you’d like to learn more about the process of getting approved or have a question, a Milton mortgage expert at the Loewen Group will be more than happy to assist you.

When it comes to something as major as purchasing a home, it’s important to have a qualified mortgage professional guide you. The approval of a mortgage requires a lot of paperwork, and a mortgage broker will ensure everything goes smoothly.

For more information or to start the process, get in touch with our team today!

Source: http://www.moneysense.ca/spend/real-estate/buying/documents-required-to-get-the-best-mortgage-rate/

 

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