I WOULD LIKE TO:
Real Estate Agent Resources
If you are looking for a rate sheet, mortgage materials for an open house or solutions for a specific property please contact us and we would be more than happy to help you.
Best Practices
E-Mail the following Documentation Directly to Your
Clients Mortgage Professional
•
Contract of Purchase & Sale
•
Complete MLS Listing
•
Property Disclosure Statement
•
Strata Documents if Applicable
•
Any Documents Referenced in the Contract
Good to Know
Not all lenders accept electronic signatures on contracts. Every clients qualification
and mortgage requirements are different so If you are using electronic signatures
please contact your clients mortgage broker to confirm they are acceptable before
having a contract signed.
Though electronic signatures are convenient some lenders do not accept them as
there currently has not been a court case that has proven that they stand.
Want to make sure your clients Subject to Financing removal date is met?
Your clients final mortgage approval is heavily relied on their supporting documents being available for lender review. Before determining a Subject Removal Date ask your clients the following: 1. Have you been pre-qualified for the type of property you are looking at? 2. Has your mortgage professional provided you with a list of documentation required? 3. Have you provided your mortgage professional with all the requested documentation? If the purchasers is missing documentation this may delay their final mortgage approval.The Most Common Delays for Mortgage Approvals
Employment Confirmation
A current Job Letter & verbal confirmation of employment is required by almost every lender. Employment letters that do not provide specifics can jeopardize an approval so it is important that the applicant requests a letter with all their employment terms specified as soon as possible. (ask your mortgage broker for a sample letter) In most cases Lenders will perform a verbal confirmation of employment based on the job letter. If the applicants employer does not provide an verbal confirmation or their manager is unavailable in a timely manner this may jeopardize the applicants approval.Applicants Do Not Have Up-To-Date Income Tax Information Available
This is especially important for self-employed, commission, bonus and seasonal income as well as applicants without guaranteed hours. A CRA Income Tax Notice of Assessments from Revenue Canada can take up to 14 business days to receive (Usually quicker). Proof that they have paid their income taxes is also required.
Appraisals
An appraisal can be called on any property by
the Mortgage Insurer or the Lender even if the
client has significant equity. Allow enough
time for an Appraiser to schedule a viewing
that works with your clients or the sellers
schedule, complete the report and for the
lender to review it.
Words in a listing that may automatically
trigger an appraisal
•
Foreclosure
•
Estate Sale/In Trust
•
Fixer Upper
•
Sold As-Is
•
Mobile/modular Home
•
Former Grow-Op
•
Under Construction
•
Environmental Factors (UFFI,
Insulbrick, Oil Tank)
Property features that many lenders restrict lending on:
•
Zoning (ALR, Commercial, Industrial)
•
Acreage Size
•
Minimum Square Footage Requirements
•
Location & Population Requirements
•
Unauthorized Rental Suite Income Use
•
Construction Types (Mobiles, Modular Homes, Post & Beam, Log Homes)
•
Age & Condition
•
Environment Hazards
•
Bare Land
•
Recreational Properties
•
Income Producing Components (Farming Income, Home Business Income)
•
Properties without Final Occupancy Permits
•
Partial Ownership & Timeshares
•
Rental Pools (this may be a commercial mortgage deal)
•
Condos with Special Assessments in Progress
•
Condos without Depreciation Reports
Mortgage Brokers are here to help you with your mortgage financing.
Kathleen Dediluke Mortgage Expert with Dominion Lending Centres Integrity Mortgage BC is more than happy to answer any
mortgage questions you may have so please feel free to text or call her at 250-668-9779 or e-mail her at kathleen@dlcnanaimo.ca
www.DLCNanaimo.ca
I WOULD LIKE TO:
Licensed Sub Mortgage Broker with Dominion Lending Centres
Integrity Mortgage BC, © Copyright, Dominion Lending Centres Inc.
Each Office Independently Owned and Operated
Real Estate Agent Resources
If you are looking for a rate sheet, mortgage materials for an open house or solutions for a specific property please contact us and we would be more than happy to help you.
Best Practices
E-Mail the following Documentation Directly to Your Clients
Mortgage Professional
•
Contract of Purchase & Sale
•
Complete MLS Listing
•
Property Disclosure Statement
•
Strata Documents if Applicable
•
Any Documents Referenced in the Contract
Good to Know
Not all lenders accept electronic signatures on contracts. Every
clients qualification and mortgage requirements are different so
If you are using electronic signatures please contact your
clients mortgage broker to confirm they are acceptable before
having a contract signed.
Though electronic signatures are convenient some lenders do
not accept them as there currently has not been a court case
that has proven that they stand.
Want to make sure your
clients Subject to Financing
removal date is met?
Your clients final mortgage approval is heavily relied on their supporting documents being available for lender review. Before determining a Subject Removal Date ask your clients the following: 1. Have you been pre-qualified for the type of property you are looking at? 2. Has your mortgage professional provided you with a list of documentation required? 3. Have you provided your mortgage professional with all the requested documentation? If the purchasers is missing documentation this may delay their final mortgage approval.The Most Common Delays
for Mortgage Approvals
Employment Confirmation
A current Job Letter & verbal confirmation of employment is required by almost every lender. Employment letters that do not provide specifics can jeopardize an approval so it is important that the applicant requests a letter with all their employment terms specified as soon as possible. (ask your mortgage broker for a sample letter) In most cases Lenders will perform a verbal confirmation of employment based on the job letter. If the applicants employer does not provide an verbal confirmation or their manager is unavailable in a timely manner this may jeopardize the applicants approval.Applicants Do Not Have Up-To-
Date Income Tax Information
Available
This is especially important for self-employed, commission, bonus and seasonal income as well as applicants without guaranteed hours. A CRA Income Tax Notice of Assessments from Revenue Canada can take up to 14 business days to receive (Usually quicker). Proof that they have paid their income taxes is also required.
Appraisals
An appraisal can be called on any property by the Mortgage
Insurer or the Lender even if the client has significant equity.
Allow enough time for an Appraiser to schedule a viewing
that works with your clients or the sellers schedule, complete
the report and for the lender to review it.
Words in a listing that may automatically trigger an
appraisal
•
Foreclosure
•
Estate Sale/In Trust
•
Fixer Upper
•
Sold As-Is
•
Mobile/modular Home
•
Former Grow-Op
•
Under Construction
•
Environmental Factors (UFFI, Insulbrick, Oil Tank)
Property features that many lenders restrict lending on:
•
Zoning (ALR, Commercial, Industrial)
•
Acreage Size
•
Minimum Square Footage Requirements
•
Location & Population Requirements
•
Unauthorized Rental Suite Income Use
•
Construction Types (Mobiles, Modular Homes, Post &
Beam, Log Homes)
•
Age & Condition
•
Environment Hazards
•
Bare Land
•
Recreational Properties
•
Income Producing Components (Farming Income, Home
Business Income)
•
Properties without Final Occupancy Permits
•
Partial Ownership & Timeshares
•
Rental Pools (this may be a commercial mortgage deal)
•
Condos with Special Assessments in Progress
•
Condos without Depreciation Reports
Mortgage Brokers are here to help you with your
mortgage financing.
Kathleen Dediluke Mortgage Expert with Dominion Lending
Centres Integrity Mortgage BC is more than happy to answer
any mortgage questions you may have so please feel free to
text or call her at 250-668-9779 or e-mail her at
kathleen@dlcnanaimo.ca
www.DLCNanaimo.ca
