Juliana Lam Mortgage Broker offering best rates and personal mobile service

Opposed to what most Banks do, which I refer to as a "Rate Guarantee", I complete a FIRM PRE-APPROVAL. There is a difference. Although the rate hold or guarantee is very important, especially in a upward rate environment, it is more important to collect, review and approve your information up front, before you purchase a home.

This can be the most important step of the entire mortgage process. To make it less stressful and easier, I recommend you get pre-approved for financing before looking for a home.

Pre-approval helps you:
Determine what you can afford making it easier to shop for a
home with confidence
Secure your mortgage rate for 30-120 days
Speed up financing

Your pre-approval depends on three things:
Downpayment
Cash: Lenders like to see your last 3 bank statements
Investments: Lenders require a recent statement of non-registered investments such as stocks, bonds and GICs
RRSP: You may use up to $20,000 from your RRSPs tax free provided you have not owned a home for the last 5 years
Gift: If any of you downpayment is a gift, it must be from a relative and accompanied by a letter stating you are not required to pay the money back. Also, required is a bank statement that shows the deposit of the gifted money.

Income
Lenders will decide how much you qualify for based on a certain percentage of your monthly income.

Credit History
Lenders will consider how much you owe as well as your repayment history to assess your credit risk. If you have poor credit history, I can help advise you how to improve your credit.

For Purchase: Contract of Purchase & Sale, MLS Listing
Lawyers name, firm, address, phone and fax number
Income Verification
    If Salaried or Hourly Rate Employees:
     Letter from Employer on company letterhead
         duration of employment
         salary or hourly
         yearly income and not on probation
     2 years T4’s
    Copy of recent paystub
    If Self Employed:
        3 years T1 Generals (Tax returns)
        3 years Financial Statements if limited company
        2 years Notice of Assessment
        Proof of 2 years in business
           GST registration
           Business license
Recent Debt Statements (Credit cards, car loan, etc.)
Recent Mortgage Statement (current mortgage balance)
Bank Statements showing rent or mortgage payments
Void Cheque
Downpayment verification
     3-month history of savings account
     Gift letter
     Copy of investment statement (i.e. RRSP statement)
Verification you have funds for legal fees to close the mortgage.
2 Pieces of Identification
     Driver’s License
     S.I.N. Card
     Birth Certificate
Current Property Tax Bill (Municipal / City)
Separation Agreement (if applicable)
Bankruptcy / Consumer Proposal Documents (if applicable)
Estimates Re: Renovation / Construction Loans (if applicable)