Kanetix Forum

We are looking to get a loan. What kind of information will our lender require from us?

This list is quite broad as no loan has the same requirements. You'll most likely be asked to disclose your income and employment information,

Below is a list of possible information that you may be asked to disclose:

Income & Employment Information:

-A letter of employment dated and signed by an authorized person at your current job (Must be printed on company letterhead, and include a title and extension).

-Two recent pay stubs showing your current year-to-date earnings

-Your T4¿s and NOA¿s for the past two years.

-Business and personal federal tax returns from the past 2 years if you are self-employed

-Your job history, plus an explanation of any job changes within the last two years

Your Assets:

-Statements for your retirement account

-Statements for your investment account

-Statements for your bank account for the past three months (Must be dated and stamped by your branch)

-Signed gift letter and transfer of funds verification

Your Liabilities:

-If you have derogatory credit (such as bankruptcy, collection, foreclosure or default), you may be asked to provide an explanation letter and paperwork regarding the bankruptcy

-Your credit card balances and monthly payments

-Car loans and leases (remaining term on lease, purchase value, estimated current value)

-Your landlord address(s) for past two years and rental amounts

-Student and personal loans (account numbers, monthly payments and balances)

Realtor & Property Information:

-Your realtor contact information

-Your homeowner¿s insurance information

-Rental/lease agreements

-Your residence/address for past two years

-Your solicitors information

Neither Kanetix® nor the KanetixForum.ca is a mortgage broker or agent. Although this information has been passed along to you from KTX Financial through the Forum, we are not responsible for the opinions expressed by them. Mortgages can be complicated. When reading these answers, keep in mind each person¿s situation is unique. Individual responses may vary depending on your lender, geographic location, and specific circumstances. If you have a similar situation, always speak with your mortgage provider, or a licensed mortgage representative, for terms and conditions that may apply to you.

 

This is a very intensive list.

Thank you kindly, Paul.

Regards.