Steve is very thorough when he fills out credit applications.
Steve knows that providing accurate information upfront will make the mortgage approval process smooth and seamless.
It is more important than you may realize.
Information that you may leave out, exaggerate or forget to discuss with your Mortgage Professional, can lead to inconsistent information that you receive back.
Every application you ever do (credit cards, loans, mortgages, car loans etc) all record on your Credit Bureau.
If there is a different legal spelling of your name provided OR if you provide inaccurate current and/or past address information this will make changes to your credit bureau.
(making lenders review things more carefully the next time you apply)
Disclosing your income:
- Although we will start with the numbers you provide on the application, we WILL follow up requesting supporting paperwork (letter of employment, 2 years T4 slips, paystubs and possibly income tax documents)
- We can run calculations and information for you with the information disclosed on the application. If there are discrepancies once we review the paperwork, we will have to change the income to match up with what the supporting paperwork and the calculations will change.
- Do not lump different income sources together on your application. If you receive income from multiple sources (employment, overtime, bonus’s, child support, spousal support, CPP, pension, child tax credit, side work, tips etc) reach out to us and let us know the uniqueness of your income situation. This will allow us to ask important questions up front. There may be some income the lenders and CMHC will allow you to include and other income that may not be allowed to be used.
Has there been a separation or divorce?
- This information is mandatory to disclose.
- If there is child support being paid or received this is information that your Mortgage Professional needs to know up front.
Do you own other homes or properties?
- This is important information to provide at the beginning of the application process
- This allows us to ask the appropriate questions relating to these properties at the start.
Do you have Student Loan Lines of Credit or Loans?
Did you know that these payments must be included in your total ‘debt vs income’ ratios?
Even if your loan is not yet in repayment we must use a payment in the application.
Lines of Credit (with most lenders) require us to use a 3% repayment as your monthly payment obligation.
Trying to decide between a Student Line of Credit or Loan? Most times a loan will have a lower monthly payment requirement (from a qualification standpoint)
WHY are we outlining what seems to be very basic information?
We get calls every day from clients that have done “online pre-approvals” or have been “pre-approved” by their bank.
UNLESS the application provided is accurate and paperwork has been requested, reviewed and signed off on- your pre-approval is not accurate.
There have been TOO MANY Federal mortgage rule changes for any banker or online system to provide information without asking further questions or supporting documentation.
We PRE-QUALIFY all of our clients. It’s a process that allows us to ‘ask the hard’ questions up front and collect all supporting documentation.
This ensures that when you find a perfect home and have an accepted offer – the process moves smoothly and you have all of the important information you need to make quick decisions.
Don’t trust the 60 second online mortgage approval.
Trust the Process. It won’t let you down.
APPLY online at www.elitemortgagechoice.com