Call Scotia Mortgage to schedule an appointment for orientation and/or proceed to fill out the application.
The officer in charge of your case will explain you the procedure, from the moment of signing the purchase option contract until the final signature of the deed to your house and mortgage.
Request a prequalification through an analysis that compares your income versus your fixed debts. In that way it is determined if you have the ability or enough income to fulfil with the loan you are requesting. This is compared with your credit history and payment habits.
Among the required documents to promptly process your request are the following:
- List of active debts including account numbers, monthly payment and balance
- Recent copy of your payment slip or cancelled check (of your salary)
- If you have your own business or if your salary is based on commissions, it is necessary that you present copies of your last two income tax reports or financial statements, depending on the requested type of loan
- Copy of your last account statement where the money is deposited
- If you have had credit problems in the past, you need to present evidence of the issue. For example: delays because of sickness, divorce, unemployment, etc.
- If you are divorced, receive or provide child support and you would like that to be considered, you will have to provide a divorce settlement with evidence of income or payments.
- Copy of the title of the property to be bought to request an appraisal report.
These documents are requested by the bank once we have received the request.
There are other documents needed, but they depend on the type of loan and other situations of the applicant.
Some questions that need to be clear at the moment of requesting a mortgage loan are:
- What kind of loan is the most adequate in my case: FHA, VA, or Conventional?
- What is the amount of the loan you are going to request?
- What is your available amount for the down payment, if applicable, and closure costs?
- How much cash do I need to close the transaction?
- What is the ideal period of time to pay the totality of the mortgage?
- What is the approximate mortgage rate?
- Approximately, how much will the monthly payment of this loan be, including all the insurances and taxes?
- Approximately, how much time should this application take?
Subject to credit approval. Some restrictions may apply.