What is the Process of Verification to get Your Mortgage at Collin Bruce?
A verification of mortgage is a documentation of your mortgage payment history. The verification of mortgage is often required when applying for a loan, and is used to verify your balance and monthly payments, as well as to check for any late payments on the account. This verification is one of the documents that you need to prove that you are capable in paying back the money that is loaned and provided by your lender.
This document will lay out the details of the terms of your loan agreement (rate, payment, length of loan etc.), as well as the amount outstanding and your full payment history.
Here are the steps that outline the process of verification to get your mortgage at Collin Bruce:
Step One: The mortgage application
The first step is to of course, request the verification of mortgage. We want to gather all of your information such as:
- Your most recent home mortgage statement
- Your mortgage loan account number
- You and your spouse’s social security numbers
Step Two: We shop all lenders
We use a specific credit bureau, a company that collects information relating to the credit ratings of individuals. We use the same credit bureau to shop all the lenders. Based off of the information you give, we will choose the appropriate lender that is best for your mortgage needs.
Step Three: We gather as many income documents as possible
This is done to avoid any future hiccups and to make the mortgage verification process a seamless one. Here is some information we require if you are:
- Two years of T1 generals
- Two years of notice of assessments
- If you are incorporated, the most recent company financial statements
- An employment letter that confirms your income
- Your most recent pay stub
- Two years of notice of assessments and/or T4’s
Step Four: We send the mortgage verification document to the lender for pre-approval
The lenders will verify your employment history by either accepting the recent pay stubs or by calling your employer to confirm that the information that you provided about your income is correct. They do this because it will help them indicate whether or not you can reasonably afford to repay the mortgage. The overall purpose of a lender is to verify the income before closing to assure there has been no reduction in income.
After this process, the lender will send you the verification of mortgage to review. Make sure to compare this verification with:
- Your mortgage statement
- Your original mortgage agreement
- Your bank account records
Make sure to confirm that the amount outstanding, the mortgage rate and the monthly payment are accurate. If there are any discrepancies on the verification of mortgage (inaccurate late payments etc.), contact your broker.