How do I prequalify for a Mortgage?
Information required to be pre-qualified for a mortgage:
Ask your employer to prepare a letter on company letterhead outlining your name, base salary (or hourly rate), normal hours worked per week, position and length of service. A recent pay stub and a copy of your T4 from last year may also be required.
If commission sales, three years personal tax returns together with the Notice of Assessments from Canada Revenue Agency (CRA).
If self employed, three years personal tax returns together with the Notice of Assessments from CRA, three years business financial statements, and three years business tax returns (if applicable).
Social Insurance Numbers.
At least 3 years history of residence and employment.
Know your banking information (financial institutions name, address, and type of accounts, account numbers).
Know your assets (what you own) and their value. i.e. cash amounts, stocks, bonds, RRSPs, car.
Know your liabilities (what you owe). i.e. car loan, credit card balances, child or spousal support payments.
Please let us know about any past credit problems you may have had.