Free Articles For Reprint

Once you have identified the bank you want work with for your mortgage, the entire process will flow much more smoothly if you can provide as much information as possible at the outset. You will be required to give this information in any case, so it is best if you are proactive and get the items ready before the lenders asks for them.

This list will help you in preparing all of the items the bank will require and you will be able to furnish most of them at once instead rather than of piecemeal as they are requested. In no special order, they are:

-Your fixed expenses: Whatever routine bills you have every month, such as your current rent or mortgage payment, student loans, credit card payments and child support, if applicable, along with the contact information for each of them.

-Your assets: Your most important assets are, most likely, your bank and brokerage accounts, so make copies of them, and also include all retirement savings accounts. Have a list of any vehicles’ make and models. If you have an ownership in a business, supply a copy of the tax return for that business. If you have an interest, or own outright any rental properties, supply the lender with the rental agreements and the value of the property.

-For anyone who has been divorced, you should have available a copy of the divorce decree.

-Your employment history, with names of employers, with proper contact name and dates of employment.

-Copies of the last two year’s W-2 statements and last two pay stubs. This will confirm your salary for this period for the lender. In the case of self employed people, you should have available the last two year’s personal and business tax returns, as well as the business’s financial statements. If you are retired, you need to supply a copy of your Social Security Award letter, and a copy of your most recent retirement or pension check (or a copy of your bank statement if it is direct deposited).

-Addresses where you have resided in the past two years.

-If you have located the home you want to buy, bring a copy of the purchase agreement, as well as a full description, which you can get from you real estate broker. -Copy of homeowner’s insurance policy and title insurance policy, if you are re-financing your house.

When you are able to supply these documents to the bank at the time of the loan application, the lender can start the necessary verification process immediately, probably saving you weeks in the applicatiohn time.

Find out what is the lowest rate for you with mortgage broker in edmonton and get a special promotion on alberta mortgages