Qualifying for mortgage financing is not as difficult as it seems and we are here to help make the process easier. Requirements may vary from institution to institution; however, we have outlined some of the basic requirements below:
- Valid identification (Passport, Driver’s License)
- TRN
- Proof of address (Utility bill, credit card statement etc)
- Proof of income (Job letter and pay slips for employed individuals, financial statements for businesses operators and self-employed individuals)
- Completed statement of affairs (monthly income versus expenditure, assets versus liabilities)
- Credit Report (applicant must be credit worthy)
- Confirmation of any outstanding debts (including credit card statements)
- Sale Agreement and proof of deposit made on property by way of receipt
- Valuation Report for property being purchased
- Surveyors Identification Report
- Copy title for property being purchased
- Proven ability to cover balance of purchase and closing costs
- NHT eligibility (where NHT benefit is being accessed as part of sale)
- Life and Peril Insurance (conditions of mortgage and can be obtained through financing institution or otherwise)
Requirements may vary depending on the type of mortgage product being procured as well as whether you are applying as an individual, self-employed person or limited liability company.