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What documents are needed for mortgage pre-approval?

“Always pick your yard based on your Summer lifetstyle.”

~ KARL

November 23, 2017 - Karl Yeh

So you've scheduled (or about to) an appointment to get pre-approved for a mortgage. What are the items you need to have at this meeting? In this episode, we discuss what documents you need to bring for your mortgage pre-approval meeting. We see if there are any costs to get pre-approved, if you can do it all online and other ways to prepare for your appointment.

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Transcription:

Hi everyone, and welcome to another edition of Homebuyer's School.

Today I'm joined by Mujtaba Syed, Mobile Mortgage Specialist with TD Canada Trust. Today the question we're gonna answer is:

What are some things you should bring at the pre-approval process for your mortgage?

Mujtaba Syed:                 

So Karl, the best thing to bring with [00:00:30] you, the things that you might think you might need. A mortgage specialist before, when you book the appointment, will give you a list of requirements.

Mostly it should be just income documents, depending on what kind of income you're doing, how you get paid.

It could be more things around that. It could be a recent pay stub. We could ask you for a two year average of your T4s, which is your year-end statement, to kinda account for any extra income, that you might have.

We also maybe wanna get an idea of your financial situation at [00:01:00] that time, by asking if there's some bills that you can bring with you, something that might not show up on your credit bureau.

Ideally, the pre-approval process, we wanna make it as simple as possible, so there shouldn't be a huge, huge list to get ready.

But the specialist, or the bank can advise you at the meeting, if there's anything else needed, you can always bring that later.

Is there a cost to get pre-approved for a mortgage?

Mujtaba Syed:                  

Absolutely not. There isn't a cost to get pre-approved for a mortgage at all. [00:01:30]

The banks wanna make it as easy as possible. We actually wanna entertain people for buying. We actually wanna promote it as much as possible.

We realize how owning a home is a big thing. It could be a very scary process. We wanna make it as easy as possible.

Do I need to go to a bank or a mortgage specialist to get pre-approved? Can I do this online?

Mujtaba Syed:                  

Most places, when you do apply online, will actually generate [00:02:00] kinda like your contact, almost like a lead, and will eventually go to the bank, or the specialist, or the broker.

Getting pre-approved is like a complicated process.

We don't wanna leave it to just online.

There are trained specialists, who kinda uncover the stuff that you might not be able to do online, to kinda go over any income questions you might have, any credit questions you might have, your payments, because there could be some restructuring that might be needed. [00:02:30]

It could be some different ideas that you might have, regarding the pre-approval, or the home purchasing. Any questions that you might not be able to kinda ask online.

But definitely, a good way to definitely get started online, is to kinda do your research and become a little bit more informed.

And then definitely book an appointment to see a person, which I think is probably the best thing you can do.

Is there any other ways to get prepared for the pre-approval process, other than let's say, looking online or preparing your documents?

Mujtaba Syed:                  

The best thing I would recommend is sit down with you and your significant other, depending on your situation, is working out your monthly budget for yourself.

A lot of people, they might have an idea what they're comfortable spending on a monthly basis. You might get pre-approved for a lot more. But it depends on what you're willing and comfortable to spend.

You might have different lifestyle choices that might need some extra funds. You might like to travel, you might like to live [00:03:30] within a certain means, so

I would recommend sitting down, getting those monthly obligations taken care of, finding out what's best for you.

We also recommend to actually start, even working on saving up for your retirement. Different things that we can discuss at a different time, but all these things are very, very important with owning a home.

Karl Yeh:                             

Perfect. Well, thank you very much for the information. Thank you very much for joining us, and we'll catch you next time.

 

Your turn:

Let us know if you have additional mortgage questions or home buying questions that we can answer by submitting them in the comments section below. 

Homebuyer's School publishes new content weekly so subscribe or check back regularly for the latest information, strategies and tips from homebuying experts. 

 

About Mujtaba Syed:

Mujtaba is an experienced mobile mortgage specialist with a demonstrated history of working in the banking industry. Skilled in Negotiation, Commercial Lending, Banking, Sales, and Credit Analysis. Strong product management professional

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