Application Process

Information Supplied In The Application Process

There is no way around it, every mortgage application, before submission to the chosen lender, must contain some basic information on which the financial institution will base their lending decision in conjunction with examination of your credit and the amount requested being within your means:

Name(s)	Full name of each of the applicants.
Address	Full address of present residence, including length of time; if less than 3 years, the same information will be required for the previous address as well.
Phone Number	All applicable contact numbers.
Date of Birth	Required for each applicant as a form of identification.  Without this information, problems may arise in accessing the applicant’s credit bureau file.
SIN	Required for each applicant as a form of identification.  Without this information, problems may arise in accessing the applicant’s credit bureau file.
Marital Status	Important in determining whether additional information is required relating to support/alimony payments.
Dependants	Number of children applicant has
Employment	Provide the name of the company the applicant(s) employed by, the position/title held by the applicant, the length of time the applicant has worked at the company, and the gross annual income earned. Type of income is very important, as well as verification of income.
Assets	Cash on hand (bank accounts), RRSP’s, automobiles, real estate presently owned, etc.
Liabilities	Loans, credit cards, other mortgages, etc.
Property Info	Purchase - Offer to purchase, Schedule A (if there is one) and the MLS listing. Refinance – client details including property taxes, lot size, property type, style, age, square footage, garage type etc.
Signature	All applicants must sign the application.
Credit	If there are any credit issues that may have a substantial impact on your mortgage application, such as collections, judgments, bankruptcy etc., it is best to advise up front with any explanations to assist in the processing of the application.

As stated above, this is only the basic information, and other information may be required as it pertains to each situation.  Your Invis Mortgage Consultant will be able to guide you through the entire mortgage process.