Before any of the mortgage brokers in Canada will lend you any money, they need to know that you are who you say you are. And they won't just take your word for it. They'll need to see a whole collection of proofs and documents to confirm the information that you gave them on the application. If you fail to produce these documents, you can expect that the bank will refuse to release the money. This is their way of protecting themselves against fraud. To help you prepare for your mortgage application process, here is a list of documents you will need.

Identification

On your application, your lender asked you such questions as your name, address, and phone number as well as how many dependants you have and where you work. Here is where you need to prove it. Obviously your address will be changing if you're buying Toronto condos for sale, but your old one along with your birth date and proof of your identity will be on the passport or driver's license they want to see. You'll also want to bring your social insurance card. The lender will get a copy of your credit report for you, just give them permission.

Income Verification

The riskiest part of lending to you, from the bank's perspective, is whether or not your job will give you enough money to meet the payments on the home you bought off the Vaughan real estate listings with their money. So they'll want you to bring in a letter from your employer to prove that you work there as well as your tax return from last year and your most recent pay stub. They'll also want to see your bank statements (even if your chequing and savings accounts are with another bank) and the letter you got back from the Revenue Canada saying whether you owed or were owed.

Liabilities and Assets

It's unlikely that your mortgage will be the only financial obligation you have. Though buying houses for sale in London, Ontario is the largest transaction you will make, starting a business, buying a new car, and going to college are also too expensive to pay for out of pocket. The bank will need to see documents for any major items you own, such as your boat, your car, your cottage on the lake, or that piece of land your grandmother left you. They'll also need to see your loan documents for anything you owe, such as a student loan or line of credit.

Property

And finally, you'll need to give them some documentation on the Toronto Beaches homes for sale you plan to buy. You'll need to get documents from the seller about their mortgage if it's not paid off, as well as any liens on the property. The document should also contain the address and property type of the home.