What You Need When Applying for Financing
Being prepared before meeting with your Mortgage Broker or Lender to complete a financing application can make the process more efficient and less stressful. Use this document as a guide to begin preparing your personal documents for your financing application.
Note: This checklist is a general guide only. Each party applying on the financing application should have their own individual set of documents. Show original documents, the broker or lender will take copies if necessary.
Additional documentation may be required during the financing process depending on your personal situation, the type of financing product you chose, and/or the property type.
Mortgage Broker/Lender Application Document Checklist
General Application Documents
Two (2) Personal Identification Documents
- Examples: Driver’s License, Passport, Proof of Citizenship, Permanent Resident Card, Social Insurance Number
Two (2) Employment and income verification documents (more if applicable)
- If employed: Latest pay statements, most recent T4/W-2, employment letter on company letterhead
- If self-employed: Business license/sole proprietorship/articles of incorporation, business financials
- Government-issued income forms and/or Notice of Assessment (NOA) for past 2 years
- Other income: Legal agreements to demonstrate receipt of spousal or child support payment
- Other compensation: Disability, pension, rental income, etc.
Property Ownership Information (for each property currently owned)
- Recent mortgage statement
- Transfer/Deed of Land
- Charge/Mortgage
- Most recent property tax bill/statement
- Documents verifying heating costs and condo fees
- Insurance policy
Banking Information Including: Financial Institution, Transit Number, Account Number
General Application Documents
Agreement of Purchase and Sale
MLS listing or feature sheet of property
Confirmation of down payment (statements of monies in bank, gift letter, proof of sale, etc.)
Name, address, telephone number, and email of your lawyer/attorney/notary
Recent Blogs
Be Your Own Bird Dog
Bird Dog Techniques: Marketing – We Buy Houses for CASH Auto dialers Mailing circulars Public databases (MLS, Divorces, Deaths etc.) Cross reference with pertinent information Layoffs in a community Dropping values in recent tax assessments – underwater mortgages Watch for signs: Builder, Private, Vacant lots, Vacant houses A bird dog will have a network of investors…
Should You Flip Real Estate?
If you’re considering flipping real estate, there’s a lot to know, and what you’ve seen on TV about flipping homes only tells half the story. Here at Keyspire, we offer real estate investment courses to teach people how to make smart decisions about real estate investing. Learn more about making a decision to flip real…
How To Understand Real Estate Market Signs
Just like any other market, the real estate market has its own set of signs that can help you understand what is happening, so you can make wise decisions with regards to residential and commercial real estate investing. Learn how to understand real estate market signs below. SIGN UP FOR OUR MASTERCLASS TODAY…
How to Determine your ROI on an Investment Property
One of the key components of being a confident real estate investor is knowing how to perform calculations on investment properties. By knowing your Return on Investment (ROI), you can determine if a property aligns with your investing goals. Below is an example of how we would run the numbers for a Turnkey Duplex.…