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| Bank Rates |
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Our Rates |
| 6.75% | 1 | 5.50% | | 7.25% | 2 | 5.50% | | 7.30% | 3 | 5.50% | | 7.30% | 4 | 5.50% | | 7.30% | 5 | 5.39% | | 7.65% | 7 | 6.20% | | 8.00% | 10 | 6.25% |
| Posted: 5/5/2008, OAC |
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Take advantage of the lowest interest rates in 30 years!
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Meeting all of the conditions and waiving of conditions
After receiving a mortgage approval from the lender, your mortgage specialist will need some documents from you. Because your approval was based on your credit, your income, your down payment, the property, and some other small factors, the financial institution will need the mortgage specialist to prove the information provided. This means that your mortgage specialist will provide you will a list of things that he or she will need from you. You can still waive your condition of financing on the property if you are confident that you can prove everything on the original mortgage application, but it is best to get all requested documents reviewed by the mortgage lender/consultant to ensure that they have everything they need.
Since your income plays a big role in the mortgage adjudication process, it's quite likely that you will require income documentation. You may be required to provide an employment letter, a recent pay stub, or the last two notice of assessment to confirm your income is as stated. If you are self-employed, you may be required to submit your tax returns to prove the income and your business registration, however there are some programs out there for self-employed people that do not require income verification.
The lender will also want to see a copy of your firm purchase and sale agreement. They need to verify the property information for this, the selling information and all costs involved. Most times they will want to see a copy of the MLS Listing for the property as well, as it has a lot of information. Your realtor can help you get both documents.
An appraisal on the property is usually required. CMHC will do an appraisal on the property if you have less than 25% to put down. If you have 25% to put down, the lender will request an appraisal on the property by an independent appraiser. The mortgage specialist will arrange this to be done by an appraiser of the lender's choice. The cost of the appraisal is usually your responsibility and you may be required to pay up front for this.
There also may be some other small items that you will have to provide. You might be requested to prove that you have your down payment, and therefore you would have to provide 3 months history of bank statements to support that you do. Some lenders request copies of photo identification. If you have had credit problems, you may be requested to show that those issues have been resolved by way of explanation for slow repayment or a letter from that institution advising that everything has been taken care of.
Your mortgage specialist will be able to help explain to you all of the conditions that the lender places on the mortgage and how to obtain them. The mortgage specialist will be able to review everything for you, send it to the lender, and make sure everything is taken care of so that you don't have to worry.
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