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What To Bring To Mortgage Appointment

Posted on June 17, 2022 by Jivan Sanghera

So, you're looking at buying your first home and have set up a mortgage appointment. The steps in the home buying process can sometimes seem intimidating and confusing – especially for first-time home buyers. But they don't have to be! Your dream home is just a few steps away!

Seeking professional mortgage advice is a foundational step that will help push your plans to purchase a home forward. Knowing what kind of documents and identification you need to bring, as well as knowing what questions to ask can make your mortgage appointment informative and the mortgage process beneficial.

The following information will be extremely handy when starting your journey as a first-time home buyer. It’s always helpful to prepare all of these documents before your mortgage approval meeting so that it can go as smoothly as possible.

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4 Things To Bring To Your Appointment

Here are some suggested and mandatory documents you should bring and know before walking into your mortgage broker's office for your appointment.

1. Personal Identification and Credit Score

One of the most basic but essential things you'd need to bring to your mortgage appointment is proof of identification and current address. This will likely mean bringing your driving licence or passport.
It's recommended that you bring two pieces of ID in case the mortgage broker requires more than one piece. Other pieces of identification might include permanent resident cards, health cards, or a valid certificate of Indian status. For proof of address, you might bring your lease agreement, credit card statement, bill, driver's license, etc. As well, you will need to have your current credit score available. This can be found through your bank account.

2. Financial Statements

Like any loan, the party who will be providing the money will want to know about your financial habits and whether you will be able to pay back the loan with interest within a set time period.

Proof of Income

Mortgage professionals will require some financial information including a proof of income through pay stubs, employment letter, or tax documents. If you're self-employed, these documents will be a bit different. As well, they will likely need a proof of available funds for the down payment and monthly payments. This can be provided through bank statements from savings accounts like an RRSP, TFSA, or a high interest savings account. If applicable, you can also provide a list of assets with estimated value with depreciation included.
These documents will be extremely helpful when it comes to leveraging your home buyers plan to use for your down payment.

Any Outstanding Debts

Along with your income, you will have to provide any debt documentation. Your mortgage lender will not only need to know where you are getting your income, but also where your debts are. Are the bills on your credit cards piling up? Do you have another property that you are paying a mortgage on? Do you have student or car loans that are still outstanding? These are all details that are taken into consideration when it comes to your mortgage approval. These records can be seen on your credit report, as well as credit card statements, tuition receipts, etc.

3. Property Examples

When you are hoping to finance a house as a first-time buyer, you're encouraged to bring some property examples in with your meeting so that you can give your mortgage broker an idea of the size and price of the house you're looking for. This can also determine the size of the mortgage you will need before you get pre-approved. Having a couple of properties and price ranges in mind will be extremely beneficial for the entire mortgage process.

4. List of Questions

The mortgage process can be confusing – but it doesn't have to be. Whether you're hoping to get your mortgage pre-approval, completing the finishing touches, or just getting started, there are always questions that arise. Your mortgage broker is well equipped to provide professional mortgage advice and can confirm whether you are able to get your pre-approval. Seeking mortgage advice about what you can afford from a broker will prepare you for the rest of the purchasing process.
After the initial appointment, there will be more documents to fill out, more meetings to be had, and more steps to take in order to prepare your mortgage. Asking questions when you have them will help you understand the various steps in the process.

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Contact Circle Mortgage Today

Here at Circle Mortgage, we help clients in the Burlington and surrounding area with all of their mortgage questions. Our team of professional and licensed mortgage brokers is here to provide answers, details, and resources to assist in your buying journey. We focus on providing the right services for whatever you may need! Contact us today to set up an appointment with one of our many professionals.

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