Spring is Sprung (hopefully) and thoughts turn to a new home or cottage.
The big question ? How do I pre-qualify for a mortgage ?
Information required to be pre-qualified for a mortgage:
Ask your employer to prepare a letter on company letterhead outlining your name, base salary or hourly rate, normal hours worked per week, position and length of service. A recent pay stub and a copy of your T4 from last year may also be required.
If commission sales, three years personal tax returns together with the Notice of Assessments from Canada Customs & Revenue Agency.
If self-employed, three years personal tax returns together with the Notice of Assessments from Canada Customs & Revenue Agency, three years business financial statements, and three years business tax returns (if applicable).
Note: New products have been launched to the marketplace where, with good credit, you can qualify for a mortgage based on your stated income*. This type of mortgage was designed for the self-employed, including contractors, freelancers, consultants, commission sales professionals, or small business owners. Talk to us about mortgage approvals specifically for the self-employed.
Social Insurance Numbers. (Optional).
At least 3 years history of residence and employment.
Know your banking information (name of financial institutions, address, and type of accounts, account numbers).
Know your assets (what you own) and their value. i.e. cash amounts, stocks, bonds, RRSPs, car.
Know your liabilities (what you owe). i.e. car loan, credit card balances, child or spousal support payments.
Please let us know about any past credit problems you may have had.
Write down a list of questions you would like to have answered.
A pre-qualification is usually good from 90-120 days depending on the lender and product. Once pre-qualified your fixed rate would also be locked in for a specified time frame. If interest rates go up the rate on your pre-qualification would apply as long as your mortgage closed within the specified time frame. If rates go down you would also benefit from the lower rates again within the specified time frame on your pre-approval.*
To get pre-qualified visit www.larrybroadley.com/MIpage.htm
F or a Home Buyers Guide go to www.larrybroadley.com/hbg.htm
Before you make what is likely to be the biggest financial decision of your life, call us at 877-338 5899 or email larry.broadley@migroup.ca
To maximize the benefits to you, you will want to consider enlisting the services of a Mortgage Intelligence consultant. We negotiate with major financial institutions, chartered banks, trust and insurance companies, Canada Mortgage and Housing Corporation, Genworth and others to bring our clients the most competitive mortgage rates and terms. Mortgage Intelligence will usually earn a commission or fee from the lender* for all the work, advertising and promotion done on their behalf. Our professional services are provided, in most cases, at no cost to you. We are constantly updated on rate changes and new products being introduced in the market. As our client, you can choose from the widest range of options, obtain the most competitive rate and best product suited to your specific needs. An extensive network of financial institutions has enabled many of our clients to obtain savings of up to 1.40% below posted lender rates.
For more information or a free consultation - Please contact Larry Broadley at 877 338 5899 or by e-mail larry.broadley@migroup.ca
For more information or a free consultation - Please contact Larry Broadley at 877 338 5899 or by e-mail larry.broadley@migroup.ca
* Subject to certain guidelines
For Real Estate Buying and Selling along Ontario's West Coast ............Ipperwash to Goderich try http://www.grandbend4sale.com/
