How Much Can I Spend?
It's important to figure out how much you can spend before you start looking. Determining how much money a financial institution will lend you will be based on a number of factors including your monthly income, assets and the monthly cost of all your debts. A mortgage broker or specialist at your bank or credit union will be able to help you and to help you prepare for your appointment you will likely require the following information/documents:
- Letter of employment confirmation including details on your position, pay and how many years you've been employed by that company.
- A list of your assets - bank account balances, currently owned real estate, automobiles, stocks, bonds, mutual funds, RRSP's etc
- A list of your liabilities - car payments, student loans, credit card debt, alimony/support payments etc
- Your social insurance number
So who should you call when you're shopping for a mortgage? There are hundreds of financial institutions and lenders that would be happy to talk to you about your upcoming mortgage and what they can offer you so it pays to shop around. Talk to your current bank or credit union and make an appointment to speak with a mortgage broker.