The process of getting a mortgage starts long before you connect with any lenders. When you’ve gotten sick and tired of renting a home and want to step up to the plate of home ownership, you need to understand what a significant undertaking this is going to be. While your mind might immediately jump toward mortgage rates, finding a mortgage agent in North York and perusing the local real estate market, your first thought should be:

“Am I prepared to take on a mortgage?”

In addition to realistically evaluating whether or not you’re in a financial position to take on the costs of a mortgage, there is quite a lot that is expected of prospective home buyers as they seek out the funding needed to move forward.

Your Credit Report

This step might not be required by lenders, but it is good business to get a copy of your credit report before you pursue a mortgage agreement with a lender. Your credit report will illustrate your credit history, giving you the chance to find and rectify any errors within the document. Undesirable but accurate reflections on your credit report will be there as well, so that you know what you might need to work on before you can qualify for a mortgage with decent rates.


Lenders need to be sure that they are dealing with solid mortgage candidates. This means that you will be required to submit a number of paper documents to their offices for them to evaluate. This information will determine things like your interest rates, down payment requirements, and if you even qualify for a mortgage with that lender at all.

Documents you will need to have on-hand are:

  • Proof of employment. Paycheck stubs and letters from employers are two common forms of proof that are accepted by lenders.
  • Banking information, including account numbers and contact information.
  • Rate lock documents, if you were pre-approved for a mortgage
  • Proof of down payment, if your down payment is a gift from someone
  • A copy of the purchase and sale agreement
  • The property’s address
  • The contact information of your real estate agent, lawyer and/or builder (whichever ones apply)
  • Property tax estimates
  • Utilities cost estimates

Down Payment


When you know what you will need for a down payment, it is best to approach the lender with the ability to pay this down payment on the spot. It may be possible to get a mortgage loan without a down payment, but it is unlikely and it is going to cost you tremendously in interest in the long-run. It is advisable to provide the highest down payment that you can reasonably afford, as this will drive down the total cost of the loan and all interest paid on it.

Getting a loan is not exactly quick or simple, so it’s best to come into the process as prepared as you can be. This will speed things along tremendously, giving you time and space to breathe and relax as you set your sights toward a future that takes place in a home of your very own.

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