APPLYING FOR A MORTGAGE
PRE-APPROVAL: Smart buyers get pre-approved for a mortgage months before they start house hunting. They know their price range and have a rate guarantee protecting them from rising rates during the guarantee period. Be careful that you get fully pre-approved. Many lenders provide only an estimate of qualification that is based on unverified, approximated information and merely gives a guesstimate of what the client might qualify for in the future. A full pre-approval is an in-depth measure, requiring completion of a mortgage application, verification of details, collection of supporting documentation, and a credit check. Apply Now (button at bottom of page) to get the edge over your competition in the real estate market by submitting your information to us over our safe and secure server. We will call you shortly after receiving your initial information.
FINAL APPROVAL ; A pre-approval is put in place before the purchase of a home has been made and it pre-approves the mortgage applicant(s). Final approval is subject to the house and its value meeting the lender's guidelines and conditions. Of course any changes in the applicants' financial or employment situations occurring since the time of the pre-approval could also effect the final approval. Whether or not you were pre-approved through our team, or directly by a lender, you should call us as soon as your offer to purchase has been accepted and we will get right to work for you! You're final approval will be in place as quickly as possible with a fantastic rate on a mortgage personalized to your needs and preferences.
DOCUMENTING YOUR MORTGAGE APPLICATION
Credit Check – we obtain a credit report and provide the information to the lender. Appraisal - arranged by the lender or by us to demonstrate the property value. You may be required by the lender to cover the cost of the appraisal.
Verification of Employment - employment details, job letter, recent pay stub, and income tax statements (Notices of Assessment). Self-employed applicants may need to provide further income tax documentation.
Proof of Down Payment – documentation showing the clients’ source for the down payment funds is required by lenders (e.g. RRSP statements, bank account statements, official gift letter).
Personal Information - full legal name, birth date, Social Insurance Number, address, phone number(s), fax, email(s), Realtor, real estate lawyer, and bank account information.
Of course, your personal information is held in confidence. VERICO One-Link Mortgage & Financial is PIPEDA compliant.