What documentation is typically required for a mortgage application, and how might this differ for a 'straight switch'?
While specific requirements can vary slightly among lenders, the standard documentation confirms income, credit history, and property details.
Even with the potential MQR exemption, lenders will still require thorough documentation to evaluate risk. Here's a typical list:
Key Points
You'll always need to sign a mortgage application and give your consent for the lender to check your information.
The lender will need a summary sheet outlining the details of your mortgage.
Provide the MLS listing and photos of the property you're buying.
You'll need to provide the purchase and sale agreement.
Be prepared to prove your income with documents like pay stubs or tax returns.
The lender will review your credit history and any outstanding debts.
You'll need to show proof of your down payment, like bank statements.
An appraisal report will be needed to confirm the property's value.
Provide your mortgage approval and commitment letter, including any conditions from your lawyer.
Your lawyer's final report is an important part of the process.
You'll need to provide proof of your home insurance policy.
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