Clients are always asking how fast can they get their mortgage approved. The answer really rests with the clients. In order to get a quick approval, our paperwork must be in order! Thus it raises the question what paperwork is required? If you are employed, we will require a current letter of employment and current pay stub. If you receive overtime and we need the overtime to increase your buying power, we would additionally require the last two years of tax returns and T4's along with Notice of Assessments. If you are self employed, we require the last two year personal tax returns and notice of assessments along with the last Company financial statement. To confirm down payment, we require a 90 day history of the bank account/investment or RRSP to confirm the down payment is in place. With on line banking being used so often, sometimes you may have to print out a different screen that has your name and account numbers to match the 90 day print out. If your down payment is being gifted we need the bank printout showing the deposit of funds and then the new balance. If you are borrowing for the down payment then we need copy of the loan statement or line of credit statement or visa statement. If currently you own a property, we would also require the property tax assessment and related mortgage/line of credit statement.
With this information on hand, we can provide you with a quick mortgage approval!