Mortgage Documents
If a mortgage broker or
mortgage lender is doing their job correct, they should be requesting and
reviewing certain mortgage documents to confirm the validity of each and
every mortgage transaction.
At Canada Mortgage Choice, we follow a strict protocol for all
of our clients. We ensure our clients information is safe and secure and do
what ever we can to maintain our clients security and do our part to
prevent ID theft. "If you were a broker, you would do what it takes to
protect your clients best interest too."
Before we do a credit check on any of our clients, we get permission by way
of a
Credit Authorization form signed and dated. Once the
form is completed, it allows Canada Mortgage Choice to check your credit
and safely forward your information to our lenders so they can decide to
approve your mortgage or not based on your credit history and credit score.
We follow the rules and regulations of AMBA by way of disclosing to our
clients how we get paid as mortgage brokers and what costs (if any are
attached to the mortgage being applied for) are associated with the mortgage
requested. the form we have our clients sign and date is the
Disclosure Document.
We can't always meet every client in person. With today's way of life and
the modern technology of the internet, more and more clients are choosing to
complete mortgage transactions from the comfort of their own home or work.
If we do not meet a client in person,
we require a photocopy of
the front and back of their drivers license (or government photo ID) and
front and back of a major credit card. We do this to ensure
the person we are dealing with is the actual person that will get the
mortgage. "If I was a client applying for a mortgage, I would want to
make sure I am the one going on title and not someone else." says Dan Grant.
For every mortgage applied for, not only does credit help qualify you, but
employment and income verification, down payment verification (if a
purchase), and the subject property needs to be properly reviewed by the
lender in order to allow them to fully fulfill their mortgage commitment to
you.
Most mortgage transactions will require the following documents from the
client:
-
Credit Authorization
-
Disclosure Document
-
Fraud Avoidance Form
-
Employment Letter
-
Pay Stub
-
T4's
-
T1-Generals
-
Notice of Assessments from Revenue Canada
-
Articles of Incorporation
-
Business License, GST Returns
-
2 Pieces of ID
-
Void Check
-
Lawyers Information
-
Purchase Agreement
-
Down
Payment Verification
-
MLS or Property Feature Sheet
At Canada Mortgage Choice we try to make every
mortgage transaction go smooth and also maintain your security and privacy.
