Documents, documents and more documents. Yes that’s right you will need to provide with as many documents that we request upfront as possible. Why? Because the more supporting documentation you have available will help us as brokers to find you your best mortgage options. If you don’t have everything on hand e-mail a PDF of what you have and start digging up the rest as soon as possible.
Why so many documents you ask? While the lending market isn’t what it used to be, it is now much stricter and more complex than a few years ago. Lenders are asking for WAY more documentation before they will lend you money. Yes, there have been instances of mortgage fraud that likely led to more scrutinized lending and Government regulations that lenders have to abide by are always changing. Mortgage lenders need to protect their investors and help ensure our Canadian housing market remains strong.
It may seem like a pain but ask yourself this if you had a large amount of money would you lend it out to somebody without proof, they have income stability and/or the means to pay it back? Pretty sure your answer is no (at least mine is).
