What documents are needed for mortgage pre-approval?

Welcome to Homebuyer's School brought to you by Brookfield Residential Hi everyone, and welcome to another edition of Homebuyer's School

Today I'm joined by Mujtaba Syed, a mortgage mobile specialist with TD Canada Trust and today the question we're gonna answer is "What are some things you should bring at the pre-approval process for your mortgage?" So Mo, what are some of the things, what are some documents that I need to bring? So Karl the best thing to bring with you, the things that you might think you might need, a mortgage specialist before when you book the appointment will give you a list of requirements Mostly it should be just income documents depending on what kind of income you're doing, how you get paid, it could be more things around that it could be like a recent pay stub, they could ask you for a two-year average of your T-4's which is your year-end statement it kind of maybe account for any extra income that you might have We also maybe want to get an idea of your financial situation at that time by asking if there's some bills that you can bring with you, something that might not show up on your credit bureau Ideally the approval process we want to make it as simple as possible so there shouldn't be a huge, huge list to get ready but the specialist or the bank can advise you at the meeting if there's anything else needed, you can always bring that later Is there a cost to get pre-approved for a mortgage? Absolutely not

There isn't a cost to get pre-approved for a mortgage at all, the banks want to make it as easy as possible, we actually want to entertain people for buying We actually want to promote as much as possible We realize how owning a home is a big thing, it could be a very scary process We want to make it as easy as possible Do I need to go to a bank or a mortgage specialist to get pre-approved? Can I do this online? Yeah absolutely

So most places when you do apply online will actually kind of- generates kind of like your contact, almost like a lead It will eventually go to the bank or the specialist or the broker It is- getting pre-approved – it is like a complicated process We don't want to leave it to just online There are trained specialists who kind of uncover the stuff that you might not be able to do online, to kind of go over any income questions you might have, any credit questions you might have, your payments -because this could be some restructuring that might be needed, it could be some different ideas that you might have regarding the pre-approval or the home purchasing any questions that you might not be able to kind of ask online

But definitely it's a good way to definitely it started online is to kind of do your research and become a little bit more informed and then definitely book an appointment to see a person which I think is probably the best thing you can do So Mo is there any other ways to get prepared for the pre-approval process other than let's say looking online or preparing your documents? The best thing I would recommend is kind of sit down with you and your significant other depending on your situation is working out your monthly budget for yourself A lot of people they might have an idea what they're comfortable spending on a monthly basis You might get pre-approved for a lot more, but it depends on what you're willing and comfortable to kind of spend You might have different lifestyle choices that might need some extra funds, you might like to travel, you might like to live within a certain means, so I would recommend sitting down, getting those monthly obligations taken care of, finding out what's best for you

We also recommend to actually start even working on saving up for your retirement There are different things that we can discuss at a different time, but all these things are very, very important with owning a home Perfect, well thank you very much for the information Thank you very much for joining us and we'll catch you next time That's another edition of Homebuyer's School

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Source: Youtube

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