Welcome to Homebuyer's School
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Hi everyone, and welcome to another edition of Homebuyer's School. Today I'm joined by
Mujtaba Syed, a mortgage mobile specialist with TD Canada Trust and
today the question we're gonna answer is "What are some things you should bring
at the pre-approval process for your mortgage?" So Mo, what are some of the
things, what are some documents that I need to bring?
So Karl the best thing to bring with 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 like a recent pay stub, they
could ask you for a two-year average of
your T-4's which is your year-end
statement it kind of maybe account for
any extra income that you might have.
We also maybe want to get an idea of
your financial situation at 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 approval process we want to
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?
Absolutely not.
There isn't a cost to get pre-approved for a mortgage at all, the banks want to
make it as easy as possible, we actually want to entertain people for buying.
We actually want to promote as much as possible. We realize how owning a home
is a big thing, it could be a very scary process. We want to 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?
Yeah absolutely. So most places when you
do apply online will actually kind of- generates kind of like your contact,
almost like a lead. It will eventually go to the bank or the specialist or the
broker. It is- getting pre-approved - it is like a complicated process. We
don't want to leave it to just online. There are trained specialists who kind
of uncover the stuff that you might not be able to do online, to kind of go over
any income questions you might have, any credit questions you might have, your
payments -because this could be some restructuring that might be needed, 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 kind of ask
online. But definitely it's a good way to definitely it started online is to kind
of 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.
So Mo is there any other ways to get prepared for the pre-approval
process other than let's say looking online or preparing your documents?
The best thing I would recommend is kind of 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 kind of spend.
You might have different lifestyle choices that might need some extra funds,
you might like to travel, you might like to live 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. There are different things that we can discuss
at a different time, but all these things are very, very important with owning a home.
Perfect, well thank you very much for the information. Thank you very much
for joining us and we'll catch you next time.
That's another edition of Homebuyer's School.
Tune in next time for more expert
tips and tricks, and visit homebuyersschool.ca
to bring you one step closer to
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