The Mortgage Approval Process

What information will you need to supply to get a pre-approved mortgage? 

When applying for a mortgage, lenders carefully analyze the details of the mortgage application and credit report before agreeing to proceed with mortgage financing.  Here is a basic list of some common information that mortgage applicants may be asked to supply:

Name(s) Full name of each of the mortgage applicants. If requiring a mortgage guarantor, their name(s) may also be required.
Address Full address of present residence, including length of time; if less than three years, the same information will be required for the previous address as well.
Phone number All applicable contact numbers.
Date of Birth Required for each mortgage applicant as a form of identification.  Without this information, problems may arise in accessing the mortgage applicant's credit bureau file.
SIN Required for each mortgage applicant as a form of identification.  Without this information, problems may arise in accessing the mortgage applicant's credit bureau file.
Marital Status Important in determining whether additional information is required relating to support/alimony payments (may affect mortgage ratios).
Dependants Number of children mortgage applicant(s) has/have
Employment

Provide the name of the company the mortgage applicant(s) is employed by, the position/title held by the mortgage applicant, the length of time the mortgage applicant has worked at the company, and the gross annual income earned.

Type of income is very important, as well as verification of income in determining the best mortgage lender and mortgage product to suit the specific lifestyle needs.
Assets Cash on hand (bank accounts), RRSPs, automobiles, real estate presently owned, etc.
Liabilities Loans, credit cards, other mortgages, etc.
Property Info

Purchase Mortgage - Offer to purchase, Schedule A (if there is one) and the MLS listing.

Refinance Mortgage – client details including property taxes, lot size, property type, style, age, square footage, garage type etc.
Signature All mortgage applicants must sign the mortgage application.
Credit If there are any credit issues that may have a substantial impact on your mortgage application, such as collections, judgments, bankruptcy etc., it is best to advise the Invis mortgage professional up front with any explanations to assist in the processing and approval of the mortgage application.  Being up front and honest about anything that can affect your mortgage approval is looked at favourably by the mortgage lender when making a funding decision.

Other information may be needed during the mortgage process, depending on your unique situation.  Your Invis mortgage professional can advise you further.