what documents I need for pre-approval

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I am looking into buying my first home. i live in ontario canada, and everyone is telling me to go to a mortgage broker. i thought i would have to go the bank first to see what i qualify for. is a mortgage broker and a bank, the same thing? i also heard something about a 'first time homeowner' thing that is also available. i am so clueless about this and i don't want to get ripped off. please tell me what steps i need to take to finally get out of this stupid apartment.

The advantage of a mortgage broker is they deal with many lenders, and are knowledgeable about a broad range of lending programs. So the mortgage broker can probably find you a loan with a better rate and that is structured better for you. If you go to the bank, they will only offer the lone programs they do. There are also many loan programs - and a number of government programs that give special terms to first time home buyers, that allow you to purchase with a lower down payment. Either the bank or the mortgage broker can prequalify you.

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So my fiance and i are looking to buy a house and i am a full time student with my own business, he is a plumber who makes roughly $1000 a week, sometimes more, after taxes. he has been at this job for over a year. i have a part time on call job which i have been working at for 3 years as well, and i make on average, $130/wk after taxes. we live in ontario, canada. what are our chances of getting pre-approved for a mortgage for a house <$300,000? i have about $7,000 in debt, and good credit, he has no debt but really bad credit...what can we do to make sure we get pre-approved??

It won't be easy, but it depends on your lending agent. The more you have to put down the more attractive you are to a lender, these days they don't want to accept anyone with less than 20%, plus closing costs. Even then, they're restricting the amount of the loan even for people with pristine credit, so it really depends on the geographic region in which you're looking as well as the lending agent. The numbers you're providing though, I doubt they'd consider you for anything much over $150,000, for which you should still have about $40-45k cash for down and closing available. For the $300k you're talking about, you should have between $70-75k cash for down and closing...if you've got it, apply...the worst they can say is no. If you don't have it, I wouldn't waste my time. However, don't forget to apply for the first-time buyers incentive still available from the government of $8000, that will help you a little. Good luck.

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In dec/06 we started looking for a mortgage. unfortunately our credit scores were too rough to be approved (me 498, hubby 487). since then, i have acquired a copy of my credit report and know that a lot of inquiries will be falling off at the end of june. most of the problems on the report are old, and will be gone within the next year or so. i have ensured all our bills are paid on time, and this week our secure mastercard came in the mail. we're planning to use it, and pay 2x monthly, always paying well in advance of the due date. how long is it going to take for my credit to improve enough to get a mortgage? our mortgage broker told us we can be approved with a score of about 560. (we're in ontario, canada) thanks

I'm a mortgage broker from Edmonton, I work exstensively with clients who have had credit issues in the past. When you said that your broker told you that you needed a beacon score of 560 he's correct and you can get 100% financing but you will have a high interest rate in the low double digits. How this lender works is they only look back for the last 2yrs of derogatory payments. So check your bureau and look when most of the the derrogs will fall off. This is what they look at per file: 3 - R3's in the last 2yrs 3 - I2's in the last 2yrs 2 - R4 - R9's or I3 - I9's in the last 2yrs So look at your bureau and when you only have these then you can qualify fo 100% financing. If you have any questions feel free to contact me @ http://Albertamortgageguy.com

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Like when i first applied for my mortgage. my income is now independent rather then from a employer. i am worried that they won't approve a renewal. please tell me how a mortgage renewal works in ontario, canada.

I think they will probably go by how your past credit was with them. If you made your payments on time you will be fine. They want the payments not your house.

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I was pre-approved for a mortgage of $205,000 back in june. based entirely on my last years t4 slip. i made $41900. my latest paycheck states a year to date income of $50,000 (and there is still 2 months left on the year)... so i'd be on track for $60,000+ will cmhc look at the $50,000 that i have currently made? or will they stay firm and only approve me based on the $41,900 from last year? im looking to be approved for more than the original $205,000.

Frankly what you are being offered at 205 even with a 60K annual is way beyond your means. You should never spend more than 2 1/2 times your annual income which would be right at 150K this is why people are losing homes , IRRESPONSIBILITY!

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I bought a home 3 years ago using the 0 down program that doesn't exist anymore...anyway, i've come to the end of my originally arranged 3 year term on a 25 yr amortization with a company called xceed here in ontario. three years ago xceed did their own mortgage insurance but now are no longer allowed so i need to refinance using genworth or cmhc or aig but none of them will approve me. so what's happened is my mortgage is currently on hold while the mortgage broker is frantically attempting to find me a mortgage somehow without killing me with a unrealistic interest rate...but it doesn't seem to be happening. my credit is good and i have never ever missed a mortgage payment...i'm just in limbo right now. has anyone else had this problem? what did you do? does anyone know of any other avenues i can take? this crunch is killing me and i do not want to lose my home! p.s i have 83% ltv right now.

Lisa: Try posting your question in the Mortgages forum below. Good Luck! Bob

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In auto business since 1997, bought building in jan 2004 for $545k, o/s mortgage $293k, credit score 551 , can i be approve for government guarantee loan, never seek business financing, done all myself, but its draining me, need financial help . thanks. toronto, ontario

Hi my name is Mrs Nora Cassey i am a mother of tree kids i live in united state of America. Two weeks back i was in search of who will lend me $125,000USD. i came across a lady called Mrs Jennifer Jefferson who directed me to a private lender Mr Peter White. first i thought it was a scam then i decided to give it a try after i have been scam twice before. As God Neva fails Mr Peter White loan me the sum of $125,000USD was very happy it was like a dream i would want you to contact him now. tell him Mrs Nora Cassey whom he help with a loan two weeks a go directed you here is his e-mail: peterwhite32@yahoo.com I would advice you to comply with him because there are some process which you would fellow before you can get the loan... GOOD LUCK TO YOU