MortgageAware.com

Using A Mortgage Broker

By carol on September 25th, 2009

Homebuyers are well advised to start the process of acquiring real estate, with a visit to a Mortgage Professional. Getting a pre-approval will ensure that you qualify for the required financing. You will know before you make that first offer to purchase, that your credit, your down payment and your income are sufficient to secure the very best mortgage available….that’s my job!

When applying for a pre-approval of a mortgage, it is important to provide accurate and exacting information regarding income during the first interview. Stating income in general terms – “ I earn about $25,000 per year “ for example, could result in the application for an actual mortgage being declined when the time comes to purchase a home if the income proves to be less. Accurate information raises the level of certainty that your mortgage will be approved, and makes the process smoother and less stressful.

You will be required to provide a current pay stub and your most recent “Notice of Assessment” from Revenue Canada (CRA). The Notice of Assessment is the document mailed by Revenue Canada after they receive and review your income tax return. You receive one each year. Don’t throw it away!! Many people do. It is a very important document to confirm your income and that your taxes are paid up to date.