Once you make the decision to become a homeowner it is essential that you know exactly what is expected of you. Having your finances in order is extremely important since purchasing a home and obtaining a mortgage may most likely be your biggest expense.
Your Milton mortgage broker will want to make sure you have a stable income and a good credit to help base what type of loan you will qualify for. Also, be sure and have enough money in your savings to pay for a sizeable down payment. If you pay less than 20% towards your down payment, you will be required to pay for mortgage default insurance, which is an additional fee charged by your broker to ensure they are financially protected in case you miss a payment.
Now that you know what is expected of you financially, it is important to know what type of documents are required at your meeting with a mortgage broker. So, to help you get started, the Loewen Group Mortgages team has listed the typical documentation required for a mortgage application.
Showing up prepared to your first meeting with a mortgage professional will help make this process run smoother. Typical documents that are required are:
- Personal Identification
- Proof of Income
- Bank Statements
- Tax Returns
- Credit History
- Renting History
Once your broker reviews this information, they will be able to run a current credit check on your finances. This will help them determine what type of Milton mortgage rates they can offer you. Don’t be afraid to ask questions during your meeting and find out what loan options best fit your financial goals. You can also shop around and compare these rates with other brokers so you know you are making the right choice for your financial goals as a homeowner.
If you would like to receive more information on what documents are required during the mortgage application process or if you are interested in finding out what the current Canadian mortgage rates are, please contact the Loewen Group Mortgages team at 289-270-1586.