5 Things to Prepare For Your Mortgage Appointment

You and your loved ones have made the exciting decision to venture into the real estate market in search of a new home. After diligent research into mortgage professionals in your area, you've chosen a broker for an upcoming appointment. While it may feel like the hard work is behind you, it's essential to ensure you have everything needed for a successful meeting.

Mortgage appointments serve as a pivotal introduction to your mortgage broker, providing an opportunity to discuss the information required to initiate the mortgage application process. Following this initial appointment, you may need to schedule additional meetings for document verification or additional paperwork. To facilitate a smooth process, I've outlined the essential documents you should prepare in advance.

What should you bring?

1. Income Documents: Your broker and lender need assurance that you can cover the costs associated with home buying. Whether seeking pre-approval or specific mortgage arrangements, income documents verify your annual earnings, aiding in the calculation of debt ratios and determining the mortgage size you qualify for. Traditionally employed individuals should prepare their two most recent T4s and pay stubs. If you're self-employed, additional documents such as tax returns and business-related paperwork are necessary.

2. Proof of Available Funds: Confirmation of available funds is crucial for the down payment and other home-buying expenses. Assets, including personal savings or investment accounts like RRSP or TFSA, should be documented. This information is especially useful if you plan to leverage the Home Buyers’ Plan (HBP) for your down payment.

3. Details of Outstanding Debts: Your mortgage broker will pull your credit report, making it helpful to bring a list of your debt balances, including credit cards, lines of credit, or car loans. Preparing this information allows you to validate your current financial position and address any discrepancies in your credit report.

4. Property Examples: Depending on your goals, presenting examples of properties you're interested in can assist your mortgage broker in setting realistic expectations based on your financial situation. This is particularly beneficial for getting a pre-approval and ensuring you know your budget before investing time in a property beyond your means.

5. Questions and Curiosity: While your mortgage broker may request additional documents, it's crucial to ask beforehand. Prepare a list of questions, big or small, to ensure you have all the information you need. Asking questions is crucial in the busy real estate market, especially in areas like Barrie.

By following these steps and ensuring your documents are in order, you'll be well-prepared for your mortgage appointment. After months or even years of hard work and necessary paperwork, you're now ready to enjoy the fruits of your labor. The only thing left to do is move into your new home!