If you are considering applying for a mortgage, it is very
important that you have all of your documents and personal information gathered
prior to going in so that you’re Mortgage Broker has accurate numbers to submit
in your application. Since the major
determining factor for your maximum mortgage amount is your gross annual
income, that information is extremely important.
Most people are able to access recent paystubs and
employment letters fairly easily, but they may not have their tax information
on hand. Depending on your employment situation, some lenders will require
copies of your T4’s and/or Notice of Assessments for the past 2 years. If you
cannot find them, they can easily be re-sent to you by Canada Revenue Agency by
calling 1-800-959-8281 or by setting up a CRA online account.
The online account for CRA is great as it gives you constant
access to your information and the ability to re-print any old statements. You
can register at http://www.cra-arc.gc.ca/myaccount/
and they will mail you an access code along with set-up instructions.
Both options will take several weeks as they are delivered
by mail so if you are considering applying for a mortgage soon, it is best to start
sooner than later.
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