For many people, the process of securing an Edmonton mortgage can feel complex, overwhelming, and a bit intimidating. Whether you are buying your first home, remortgaging, or buying a second home, Edmonton Mortgage Broker can help make the process easier. If you aren’t sure what to expect with your first meeting or aren’t sure what a mortgage broker does, we’ve covered the basics to help prepare you and let you know what to expect.
Be sure you have one or two forms of up to date IDs with you, such as a driver’s license or passport. You can also use documents that don’t have a photo, like your birth certificate, citizenship papers, income tax notices, and utility bills. Since each mortgage broker is different, its best to have as many documents as possible.
Proof of Your Income
An Edmonton Mortgage Broker will need proof of your earnings. This is to help determine how much you can reasonably afford to borrow. Documents, such as recent payslips, or a letter from your boss that states you are employed with them and shows your salary are what mortgage brokers will look for. If you are self-employed, you will need 2 years of tax returns and a tax assessment from your accountant. It’s also a good idea to take balance sheets and any records of third-party liabilities, such as company loans, leases, or overdrafts. Lastly, bring any documents for other income you receive, such as investments or support from the government.
Proof of Savings
For those buying their first home or buying a home as an investment, you will need proof of your savings, such as banking statements. It’s advisable to have proof of investments and savings over a 3 to 6-month timeframe. If your deposit for the home consists of gifted money, a notarized letter from the person who provided that money will be needed.
To be sure that your home loan payments will be manageable, mortgage brokers will want to see any other debts that you have. Your most recent statements for any credit cards, personal or auto loans, and store cards will be needed.
Details of the Property
Lastly, you will need to have a copy of the selling contract, if you have already picked out the property you want to buy.
Once your mortgage broker has gone through all of your paperwork, they will go through all of the mortgage deals available that suits your needs and situation. This will get narrowed down to a shortlist that your broker will give to you. They will answer any questions and go over any pros and cons of each option to help you make the decision that is right for you.
Once you have chosen your mortgage, your broker will assist you in filling out your mortgage application, as well as making sure you have all of the necessary documents to send in with the application. They will then submit everything to the lender.
Once your mortgage has been approved by the lender, your broker will help you to finalize the contract and go over all aspects of the contract with you.
Communication is important during the process of securing your Edmonton mortgage and with an Edmonton mortgage, we encourage you to ask as many questions as you have.
If you would like to receive more information on preparing for your first meeting with an Edmonton mortgage broker, please contact The Mortgage Girl at 780-433-8412.