Always wondered what was required when you apply for that mortgage approval?
Whether its a refinance or a purchase it always seems to be a task gathering all those documents that the banks/lenders require. Sometimes, it seems that there is always one more hoop to jump through, or one more document to retrieve in order to complete your application. In fact, there is quite a few documents needed, but this post will focus on income.
3 Types of Income
Firstly, lets break down the income into Self Employed, Employed, or Other. All income can be broken down into these 3 main types. Someone working for themselves, incorporated, making dividends fall into Self Employment for example. Someone working for someone else relying on a salary or hourly wage falls into employed. Other income would be considered ODSP, OAS, CPP to name a few examples. You can use all three types, or just one when applying for an approval.
- proof of employment.
- proof you can pay for the down payment and closing costs.
- information about your other assets, such as a car, cottage or boat.
- information about your debts or financial obligations.
Proof Of Employment:
- Employed individuals generally speaking need to provide
- 2 most recent pay stubs
- a job letter
- If there is inconsistencies in these three items we may require more info ( this is where we excel)
- Self-Employed Individuals and Other income individuals would need to provide a bit more
How we do Mortgages and where you can upload these items quickly and efficiently:
- Mortgage Suite Simple – Secure individual Access to create your very own application and make changes when you need
- 24/7 access to review, upload required documents