Meeting with a mortgage broker is an important first step in your homebuying journey, especially in a city like Toronto. A mortgage broker can help you understand your borrowing capacity and mortgage options, and they can guide you through the entire mortgage process.

Personalized Financial Assessment

During your initial meeting with a mortgage broker, they will conduct a personalized financial assessment. This will involve discussing your income, debts, credit history, and long-term financial goals. The goal of this assessment is to get a clear understanding of your unique financial situation so that the mortgage broker can provide you with tailored advice.

Exploring Mortgage Options

Once the mortgage broker has a good understanding of your financial situation, they will present you with a range of mortgage options. Toronto offers a variety of mortgage products, including fixed-rate, variable-rate, and hybrid mortgages. Each option has its own set of advantages and disadvantages, so the mortgage broker will help you choose the one that is right for you.

Document Requirements

In order to process your mortgage application, the mortgage broker will need to collect some documents from you. These documents will typically include:

Two Pieces of ID: Proper identification is essential for verifying your identity and ensuring compliance with legal requirements.
Recent Paystubs: Providing your most recent paystubs helps establish your current income level and stability.
Letter of Employment: A document from your employer that outlines your job position, salary, and other relevant employment details.
T4 Statements: Typically, the last two years of T4 statements are required to assess your income consistency over time.
Bank Account Statements: Providing bank statements for the account holding your down payment funds (usually three months' worth) verifies your financial capability.

Additional Documents After Offer Acceptance

Once you have an accepted offer on a property, you will need to provide the mortgage broker with some additional documents. These documents may include:

Copy of Executed Offer: Providing a copy of the fully executed purchase agreement (and sale agreement if applicable) helps finalize mortgage details.
Deposit Receipt: Verification of your deposit payment supports the transaction process.
Realtor® MLS® Listing: Sharing the MLS® listing aids in understanding the property's details and value.
Gift Letter: If you're receiving gifted funds for your down payment, the lender may require a completed "Gift Letter Form."
Void Cheque: Supplying a void cheque from the designated account ensures smooth mortgage payment withdrawals.

If you're thinking of moving to Toronto or the surrounding areas, please contact us today. We're passionate about helping people find their dream homes in the GTA, and we would love to help you achieve your real estate goals.