The MOrtage Loan Process

Normally starts with a telephone conversation to get an overview of your needs. You may also start by completing a brief online application, 3 to 5 minutes, on a secure website. The application goes directly into the software program that is used to obtain your credit check and connect to all the lenders. A follow-up phone call of 15 to 20 minutes and then your application is submitted. It can take from 4 to 24 hours for the lender to respond. With the approval, a meeting is arranged for a detailed review of the commitment. A sample of the mortgage closing requirements can be printed from the within the member site.

Clients appreciate working with VS Mortgage Inc. and technology as it:

Streamlines the lending process
One application, one credit check
40 + lenders, including broker only
Ability to meet needs Canada wide
Answers are obtained faster and not limited to one lender
Flexible scheduling limits the need for formal meetings
FREE expert advice, lender pays consulting fees *
We trust that this information will better assist you in making The VS Mortgage Inc. the leader of home buying/financing team. If you wish, we can refer you to others that will assist in the process.

Required Mortgage Documents

Salaried/Hourly Employee

	Letter from employer (how long on job and gross annual earnings).
	Recent Pay Stub
	Salaried/Hourly Employee with over time or bonus income
	Above plus two years NOA or T-4's to prove extra income

Self Employed or Commissioned Clients

	Last two years Revenue Canada Notice of Assessment - this form is required to confirm tax returns were filed
	It is mailed to you by Revenue Canada after you file your taxes
	Last two years financial statements if incorporated
	Last two years statement of business activities if a proprietor
	Last two years of your T1 Generals (first two pages only)

Down payment

	If taken from savings, we need three months bank statements showing the amount being saved
	If from a gift, we need a signed gift letter. CMHC/GE requires that the gift be deposited into the bank 15 days prior to possession of your new home
	If from the sale of home we need a copy of the offer to purchase and waiver(s) of sale on existing home, with corresponding mortgage statements

Other Documentation

	Offer / Feature sheet or MLS listing
	Copy of separation agreement if applicant is divorced or separated
	Lawyer's name and address