CURRENT PRIMARY RESIDENCE
If your home has rental units, please provide the complete income tax report for the last two fiscal y ears
Copies of current mortgage statement (up to date)
Copies of current leases and letters of renewal/rent increase (if applicable)
Copies of municipal taxes for the current year
Copies of school taxes for the current year
Document from the Co-Owner Association to confirm the condo fees – (if applicable)
The above documents are required to be up to date and reflect the current expenses (and revenue when applicable)
They also show who is on the title and the mortgage.
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WHEN PURCHASING ANOTHER PROPERTY
If it's your first home, the lender will not request the above documents.
If you're purchasing a second or rental property, your current property information will be required.
All the relevant expenses and revenues (if applicable) will be added to your financial portrait as this will affect your purchasing power.
To buy or not to buy?
Source:
Mortgage Architects
If you can afford to rent, chances are that you can afford to buy. Start building equity for your future by putting your monthly rent toward a monthly mortgage payment! ...more