Documents needed differ depended on the client, but generally, lenders are looking for documents to confirm the following:
1) Income
2) Credit
3) Down payment
4) Subject property
Feel free to reach out for more details
647 901-7948
info@modomortgages.ca
https://calendly.com/info-36037/30min?month=2022-04

I do not recommend it!

A lender can pull their credit at any time prior to closing if the original information on the approval changes.

Making big financial commitments like a car or financing furniture can result in your approval being declined!

Yes, your income dictates the size of mortgage, hence a Mortgage helper adds income to your application and increases your Mortgage qualifying amount.

If you’re putting anything less than 20% down when purchasing a home, Mortgage default insurance is mandatory in Canada and allows consumers to purchase homes with a minimum of 5%.

When you purchase a property, whether a single family home, condo or cottage, you buy the title.
The registration of that title confirms that you’re the rightful owner.
Most transactions include a lender’s title insurance policy which protects the loan and helps the deal close faster, but only an owner’s policy will offer you protection against title fraud, survey and title issues, or even pre-existing defects.

Yes, you can! It’s important to know t hat you need to submit additional documentation when self employed, such as two years notice of assessment, two years of T1 Generals and proof of being in business for yourself for two years (business license etc.).

Yes! You will need to make arrangements for a lawyer or notary to draw up the Mortgage documents for you to sign before closing.
They will oversea the real estate transactions and advise on legal matters accordingly.

Some banks will send you a renewal letter within several months of your term, encouraging you to sign at the current posted rate to roll of your Mortgage.

I recommend you speak to a licensed Mortgage Professional to ensure you are exploring all of your options when it comes to your next Mortgage term.

Great question!

It’s important to know that you can only tap into 80% of the value of your home. Minus your owing balance and associated costs.

Also, you would have to re-qualify under the current rates and rules

Yes, your borrowing power is increased with a higher credit score, and in many cases most lenders offer better products.

Most lenders will generally require a score over 680.
The score on your consumer report may differ from the one your Mortgage Professional and lender pull, which is usually more detailed and has more risk measurements

Make sure to consult you Mortgage Professional to have a good idea where you stand in terms of your credit score.