|Simple Tips for Shopping for a Mortgage|
In today's market banks are taking a more cautious approach with qualifying consumers for mortgages.
Before starting your search for the perfect mortgage be prepared, so You can negotiate the best rate.
- Employment Verification:
Have your job letter and pay-stubs handy. If you don't have pay-stubs, have your T4 ready.
If you are self employed, obtain 2-3 years of your tax returns (Notice of Assessments). If you cannot find them, contact Revenue Canada to reprint and mail you a copy.
- Down Payment Verification:
Many banks today want to ensure your down payment is obtained through savings and not being borrowed from a line of credit or cash advance from a credit card. Copies of your passbooks, bank statements, RRSP's, GIC's etc in advance are extremely helpful.
The majority of lenders will be looking for a minimum of 5% down payment plus evidence that you have sufficient funds for closing costs (lawyer fees, land transfer tax, etc)