We’ve all heard the scout motto “Be prepared”. It’s great advice if you need a mortgage. Assembling everything your lender needs to verify your income is a critical component of mortgage success. A last-minute scramble for documents just adds to stress. Get a Mortgage Kit folder ready and begin collecting the verification you will need for your income type: Full-time salary: Provide a recent pay stub and a “letter of employment” on company letterhead that confirms a) your position, b) your
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On February 15, 2016, minimum down payment rules have changed in Canada – for homes worth more than $500,000. The change is straightforward: for any portion of the house price over $500,000, buyers will need to provide 10% downpayment for an insured mortgage. The minimum downpayment for the first $500,000 will remain unchanged at 5%. How much difference could it make? Here’s a simple example: Right now, you could get a mortgage for a $750,000 home with a down payment of $37,500: a simple
