Instructions to filling out Mortgage Application
Please fill out attached files online or print, fill out, sign and send it to us by fax to 416-222-0228 or by e-mail to firstname.lastname@example.org.
Everything marked with a blue star beside it is very important and must be entered in order for our system to process the application.
When entering phone number and date, please follow the instruction which will ensure the date is transferred into our system in proper format.
The first section “Mortgage Details”, will ask what you are planning to do: buying real estate, plan to refinance, or your current mortgage term is simply coming to an end. Don’t forget to indicate the date that you want the deal to close on.
If you are purchasing, everything is pretty simple, price, down payment in dollars and percent (for example 5% or 20%) and the required amount of mortgage.
If you are “Renewing/Switching” or “Refinancing”, you have to estimate approximate value of your property today, in other words, what can it be sold for. Try to make these estimates conservative as the appraisal will be performed by a qualified and certified appraiser, and unfortunately, they are estimates are not always what we expect them to be. This information will help us, as well as the banks, in determining what portion of your property now belongs to you in terms of dollars and percents.
With refinancing it is better to determine, what is the maximum portion of your property you would want a mortgage for. For example up to 70% or up to 80% (the maximum allowed ratio of mortgage loan to property value).
The second section “Personal Information”, requires all of the information on people obtaining the property. Full address and you place of employment. It is important for the banks/lenders to know where you lived and worked in the last 3 years, so if you lived at your current address fro less than 3 years, than use the “Other Information” section to indicate all addresses for the past 3 years. If you have been at your current employment for less than 3 years, you need to indicate all of your employment for the past 3 years. If you are self-employed, provide business name and full business address.
If you have been in Canada for less than 3 years, you have to indicate your living address and your employment for the past 3 years from other countries. This is mandatory information – the banks/lenders need to know where you have lived and worked (detailed information: company address, position, amount of income) in the past 3 years. If you have additional income, such as rent, please also provide that information in the “Other Information” section.
Next section – “Financial Information”.
The “Assets” tab requires you to indicate: value of all properties owned, if such exists, value of your vehicles, even if it is leased or financed, RRSP, investment, moneys in your bank accounts, and of course approximate amount of household goods (estimate what it would cost to purchase everything around the house). The “Liabilities” tab asks you to provide all of your debts: mortgages, lines-of-credit and credit cards. You do not have to fill this out, we will obtaining this information when we will check your credit history.
“Other Information” section.
This section is for all other, additional information, such as your residence over 3 years. If you own a property, please provide us with the following information: type of property, age and style of property, number of floors, describe the garage, property area and livable area. Do not forget to indicate property tax and maintenance fee, if it is a condo. Here is an example: 2 storey detached house, 15 years old, 2,500 sq.f., lot 50×120, 2 car attached garage. Property tax – $3,000 (main. Fee – $450).
For additional properties: you have to indicate what you won, date of purchase and value at the time of purchase, today’s value, mortgage amount and name of the lender, payment amount, amount of property tax. If renting, monthly rental.