WARNING: BORING ALERT!
DO NOT READ IF YOU NEED TO STAY AWAKE OR ARE ALREADY INDEPENDENTLY WEALTHY
… otherwise, do continue.
This is for everyone looking to qualify for a mortgage.
Part of the built-in value I provide my clients are the host of contacts I can introduce when need be to get a deal done. Usually among the first people I bring in are mortgage brokers.
Regardless, anyone looking to qualify for a mortgage should gather up the following documents as part of the due diligence process required by a mortgage broker and/or financial institution as part of the mortgage qualification process.
1. Previous two years’ tax returns (specifically, any/all T4(s) from each job, from each year)
2. Recent paystubs from each job (typically, how much $/hr x # guaranteed hours; have the name of your employer, your job title, original start date; hourly or yearly rate, guaranteed hours, etc. ready to share)
3. Current ID x2 (at least one has to be photo ID)
4. The amount you have saved for a down-payment
5. CCB statement (if you receive this for any dependents); N/A otherwise
6. What assets you have (i.e. do you own a place already? Have a car that paid is off? Other forms of savings (i.e. TFSA, RRSPs, GICs, etc.)
7. A list of all outstanding money you owe (i.e. credit card debt, furniture debt, line of credit, student loan, car loan, etc.) to whom and for how much
8. What and amount of monthly payments you have (i.e. car, student loan, cell phone, gym membership, credit card payments, etc.)
9. If you have anyone who will co-sign on your mortgage
Long story short, if you haven’t done so already, it would be a very mature, adult (and fun!) exercise to create yourself an Excel spreadsheet that highlights not only how much you have and how much you owe but another table with every single monthly payment you make. In a jiffy, you’ll see quite clearly how much/little left over you have every month.
If that doesn’t shock to into coherence, there may not be much hope for you.
Remember, nobody is entitled to qualify for a mortgage (much less own property); rather, it is a privilege reserved for those who plan, work and save deliberately – often with the help and guidance of professionals.
Pat yourself on the back, because hard work does pay off in the end.
It isn’t always easy but anyone can do it if they work hard enough for long enough (and don’t take their eye off the prize). Learn to be financially disciplined and find joy in doing something today for which your future self will thank you.
I know the right stuff, smart people and am happy to help. I want to see you succeed. Give me a call – let’s do this together. Start today.