Documents Required for Getting a Mortgage –

The exact documents required vary from lender to lender, but there are a few that you can expect to provide each time.

Client Agreement Form: This is a form you sign with your mortgage broker allowing them to pull your credit and share that information with lenders.

Mortgage Commitment: The mortgage commitment is the contract that the lender provides. It includes all the conditions required from you before they will fund. Usually, you sign one of these with your mortgage broker, and then again with a lawyer.

Income Proof: One of the most important factors in obtaining a mortgage at the best rate is being able to prove your income. If your job is a basic salary, then it is fairly simple; a recent pay stub and a letter from your employer will suffice. If you own a business or have a commissioned job, the lender usually requires 2 years NOAs.

Down Payment Proof: Usually 90 days bank history. It’s better if the bank can print and stamp it (instead of an online print out). If the down payment funds haven’t been there for at least 90 days, the lender requires further explanation.

Property Information: Any documents with regard to the property (purchase contract, survey, appraisal).

Life Insurance: You need to sign a form indicating if you want to pay an extra monthly fee for life insurance.

Pre-Authorized Payment Form: This is a form allowing the lending institution to withdraw payments directly from your bank account.

This is where you decide your payment frequency.

BC Disclosure Statement: This is one of the final documents that you sign. It discloses every single cost incurred during the process (lawyer fees, insurance premiums, appraisal) to calculate the actual rate you are receiving.

Form 10: This is a form which discloses that the mortgage broker is receiving a fee from the lender.

Source by Jackson Cunningham

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