Applying for a mortgage

The mortgage application process is quite like applying for a loan. A mortgage application will ask for personal identification information, such as name, address, date of birth and Social Insurance Number. Current employment and income information for each applicant is required. A personal net worth statement asking for current banking, savings, asset and liability information provides the lender with a general picture of your financial situation. A Mortgage Consultant will know what information is important to which financial institution and how to present that information to your best advantage.

To get a second mortgage you must meet all of the same qualifications as you did when you were approved for your first mortgage. You may also be required to have a professional appraisal done to accurately determine the present value of your home.

Many banks, credit unions and trust companies offer 'reduced interest for first year', 'no payments for 3 months' and 'cash back at closing' deals as well as discounted rates. Which deal will save you the most? Which deal will make life easier for you considering your particular situation? Do you qualify for any or all of these specials? Your Mortgage Consultant can calculate the cost or savings of these special offers and you can make a decision based on facts, not hype.