The first step in the financing process, whether you're purchasing a home, refinancing, or switching your mortgage, is to complete an application. Fortunately these days you can complete the application in the comfort of your own home, where you likely have all your information available, in just 15 minutes or so.
Here's a quick walk-through to help you complete the application easily.
When you click to start the application you get the choice of choosing whether you are buying a property, refinancing, or renewing. Select Buying a Property if you are looking for a pre-approval, are currently looking at houses, or if you have an accepted offer. Select Refinancing a Property if you're looking to refinance your mortgage. Select Renew a Mortgage if your looking to switch/transfer your mortgage. If you're not sure which option to select, choose Buying a Property. For this example we'll look at the Buying a Property option.
Do you have an accepted offer? Choose I've Found a Property. This page will ask you for details about the house and your offer. If you're looking to find out what you can afford, choose I'm Still Looking.
The next step is to enter your basic information. Please use your legal name as this is what will be needed later on for pulling your credit report and submitting to lenders.
Then we move on to where you live. Enter your current address, and any other addresses you have lived at in the past three years. The application wants your address split into separate fields, so 157 Garafraxa St S. would be entered as: Street Number - 157, Street Name - Garafraxa, Street Type - Street, Street Direction - S. But don't worry, all this information can be edited later on when we review the application with you, so enter it however is easiest for you.
Next it's time to enter your income. Please enter three years worth of employment history. One thing to note here is that we need your gross income - that's the amount you make before deductions. For example, if you make $20/hour and work 80 hours every two weeks, you would enter a bi-weekly income of $1,600, not the amount on your paycheque.
Other income could include pensions, Canada Child Benefit (CCB), child support (that has supporting documentation), etc.
In the next section you'll be asked to list your assets. This is where you would list savings accounts, RRSPs, TFSAs, investments, vehicles, etc. Any owned properties can be entered after this screen. Many people skip the assets section because they don't have savings (and are being gifted the down payment). Remember that your car is an asset and lenders want to see it listed. You don't have to know exactly what it's worth, just a ballpark idea.
Figuring out your debt ratios, and thereby figuring out what you qualify for, means that we need information about your liabilities. We don't like to pull your credit until it's necessary to do so. Instead, we ask that you list any current liabilities in the Notes section. Please list the type of debt (credit card, vehicle loan, line of credit, etc), the current balance, and the monthly payment (if you know it). Remember, if you've co-signed on any loans that debt counts as yours, so we'll need that information as well.
Once you've reached the end of the application you'll see a summary and you can edit any information you need to by clicking on the edit button in the bottom right corner of each section.
You can add a borrower by clicking the red button in the upper left hand corner on any page, but if you get to the end of the application this prompt will also come up. There is no way to save this application and return to it, so once you click submit and close the window, it can't be edited. If you need to add another borrower after the fact, have them complete their own application. We can then merge your information together.
When you're done, please click all the way through to submit. This way we will get the notification that you have submitted your application.
That's it! You've completed the application! Now we move on to the next step, which is talking to you about where things stand and gathering any additional information we require.
If you have any questions at all, reach out to us. There's no such thing as a silly question, especially when it comes to mortgages.