Blog by Chloe Cartwright, BSW, RSW, ABR

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Mortgage Check List

I have prepared a list of the information you should compile with respect to preparing for a Mortgage Application:

  1. Evidence of your Permanent Residency, or a Work Visa with proof your Permanent Residency Application is in process.

 2.  An Employment Letter. Please note that this letter cannot have comments about your employment being probationary (I would be pleased to discuss individual circumstances in this regard).

 3.  Proof of your down payment, and specific evidence of the source of these funds.

 4.  Copies of the applicants full (two part) Equifax Credit Reports, or  If you do not have equifax in your country of origin please contact me for a suitable alternative.  I suggest you access these reports about one month before you come to Canada to be sure they contain no errors. It can be very difficult and time consuming to make corrections to these reports.

 5.  Normally, mortgage companies do not like to see out of country debts stay in place after immigration. If you have cleared all of your debts and they still show on your Credit Report, be sure to bring proof they have been paid. You should also bring information related to the mortgage on a home you may have sold, including your Solicitor’s Redemption Letter.

 6.  A recommendation letter from your bank. This is always a good idea, as there may be many circumstances where your good credit record in the UK will be helpful in Alberta.

 7.  If you are not sure what may be important in terms of your credit, past employment, education, or record of debt repayment, bring what you think may be relevant. It never hurts to bring more than what you might require when moving to a new country.

 Mortgage qualification is dependent on a combination of your income and debt service. While I could go into a long dissertation about these calculations, it is always best that you provide me with the specific information I require, and have me undertake the process for you. I caution you not to take the well-intended advice of others, or attempt to make assumptions on your own. Mortgage companies often make changes to policies and eligibility, and you do not want to err in this very important part of your relocation process. I am diligent in respect of my promptness and a frank assessment of my client qualifications. A quick email will provide you with access to current information and a clear analysis of your prospects for a mortgage that is right for you.

 I would be pleased to discuss your personal situation and answer all your questions confidentially.  I look forward to hearing from you!        

John Ablett
(001) 403 270 1574

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