Write down all the questions in your head in advance and, above all, prepare to be transparent. You will have to talk about your financial habits, the good ones as well as the bad ones, and to reveal several facets of your life: pecuniary worries, budget, uncertain investments, etc.
A successful interview with your mortgage broker will certainly take over 15 minutes. Free up your schedule so you can fully enjoy the meeting.
Distinguish the needs of one’s desires
Is coveted property a sensible choice? Weigh the pros and cons to find out if it really suits your budget, your lifestyle, your priorities, and your short- and long-term goals. Ask yourself questions about the type of property, land, neighborhood and neighborhood.
Dress up your financial portrait
So that your broker can offer you the mortgage solution most suited to your needs, clearly brush your financial portrait. Prepare in advance all the documents necessary to approve your financing. Then list your assets and liabilities.
Bring your tax returns for the past two years, bank statements of your accounts and investments, the address of the property coveted, the contact information of your notary and any other appropriate documents. If you are self-employed or commissioned, file your income tax return, your last GST and QST return, your notice of contributions and your financial statements for the last three years. Also prove your down payment with all relevant documentation.
List your debts, including your credit card balance, your student or staff loan, your line of credit, your car loan, and so on.
Put all the chances on his side
Take care of your credit rating. In the event that a dispute has been registered in your name at the Credit Bureau, demonstrate that it has been settled. Pay the entire balance of your credit card and provide proof in the form of a bank statement. Wait before applying for a new loan or a new credit card. A more harmonious income / debt ratio will certainly help your qualification!
Finally, be sure to produce a mortgage prequalification certificate. Get ready for free online exercise t.
Mortgage prequalification greatly speeds up the process of buying a property. It reassures the sellers about your financial capacity, while legitimizing the seriousness of your approach. The negotiations become serious quickly when they know your purchasing power through a certificate.