Discover the Perfect Driver Bill Format for Mortgage Needs

Driver bill format for Mortgage

have you ever wanted to submit a mortgage application but you don't know where to start or you're unsure of what you're going to need to submit well let me answer those questions for you not only will i share with you the nine easy documents you'll need to submit but i will also teach you how to obtain them and how to submit them stick around until the end of the video for tips on bonus documentation that you will also need hey what's up daryn voros here my mission is to help you reduce your real estate education time from months to minutes subscribe not to miss what's coming before we get into the list of documents you want to submit to your mortgage agent you need to understand why it's important to submit a good mortgage application there's a saying in real estate the person that holds the gold makes the rules you can either fight those rules and push back on them which usually won't yield the results that you're hoping for or you could just suck it up and gather the documents and submit them to your mortgage agent and hopefully your mortgage agent can get you access to some of that gold the choice is ultimately yours but here's the reality of the situation you're going to be asking for millions of dollars of funding so you need to submit quality applications treat it like a business and work in a professional manner and you'll see great success first thing on your list should be identification this should be your passport and your driver's license and you should have the front and back of both of those documents submitted if you don't have a passport or a driver's license you'll need two forms of government issued id you can check with your mortgage agent to see which forms of id will be approved by the underwriter the second item on the list should be a personal net worth statement it should be a list of your assets and your liabilities as well as three years of address history if you're looking for a good fillable and printable version of a personal net worth statement i found a good version at law depot.ca i'll leave a link in the description below the third item on your list should be your proof of income if you're an employee that should be your t4s some recent pay stubs and a job letter confirming your employment with that company if you're self-employed you want to submit the last two years of your t1 generals and your last two notice of assessments the fourth item on the list is proof that all of your recent taxes have been paid the easiest way to do this is to produce your two most recent notice of assessments alternatively you can get a statement of account from the canada revenue agency if you haven't already done this i would suggest going to set up your my account or your my business account with the cra so you can access these documents online and again i'll link those websites in the description below the fifth item on the list for those who plan to purchase or refinance your property in a corporation if this is the case you'll need to produce two years of financial statements for that corporation along with the financial statements you'll also need the articles of incorporation which you should have received when you set up the court the sixth item on your list should be your mortgage statement of your principal residence if you have one mortgage statements are generally issued at the end of each calendar year so you'll want to get the most up-to-date version along with my most recent mortgage statement i also like to submit where my mortgages are currently at so i'll go into my online banking profile click on the mortgage and download a pdf of the most recent payments i've made the seventh item on your list should be your property tax statement for your principal residence similar to my mortgage i like to get the most up-to-date statement that i've received from my municipality if your municipality has the option to access your tax information online i'd like to go in and find out where my taxes are currently at and submit that to the lender as well the eighth item on your list should be your lawyer's information that should include the actual name of the law firm who's representing you the name of the lawyer that you're using at that firm the firm's address phone number fax number and their email address now you're probably wondering why you still need to submit a fax number but trust me there are some documents that still need to be faxed every once in a while the ninth item on your list should be a copy of a void check now i know it's 2022 who has void checks but most financial institutions now have an option to access a void check through your online banking or you can download a direct deposit form and submit that as well if you're submitting a direct deposit form some lenders want a stamped version from your bank which you can simply acquire from going to your local branch as promised here are some bonus tips there's one more set of items that you may need to include if you own additional rental properties for every rental property that you own you want to submit the mortgage statement property taxes the lease and three months bank statements showing proof of deposits from your tenants if you're like me some of my tenants submit multiple transfers because they're roommates so make sure you leave a note on the bank statement to link the deposit to the lease that you've submitted as well and this is why i like to have separate bank accounts for every rental property that i have so when i'm submitting documents to the lender it's a lot less transactions for them to look through to find out the information that they need along with these items your mortgage agent is most likely going to ask you to submit an actual mortgage application as well as some basic information on the subject property often just a copy of the listing from your agent is satisfactory along with a signed and executed copy of the purchase and sale agreement once you've gathered all these documents you want to put them in the order that we just went through and you want to combine them all into one pdf document if you're not sure how to combine multiple pdfs into one document there are all kinds of youtube videos showing you how to do that depending on the size of the pdf you may want to compress this document in order to be able to send it to your mortgage agent or you can use a service like google drive or dropbox unfortunately in my experience most agents will not accept documents off a usb stick though a couple final things to keep in mind please make sure that all of your documents clearly show your name on them and even after you've submitted all the documents in the order that we just went through i can almost guarantee that the lender will come back and say we still need more documents you can kick and scream and shout obscenities at your computer screen at your mortgage agent or you can just gather up the documents submit them and close the deal for those looking for a great mortgage agent who caters their business to working with investors this is something that my master class attendees get access to a preferred list of service providers i've had great success with for more information on my masterclass check out my website at darrenvoros.com if you've got questions about your mortgage application or anything else real estate investing related leave those in the comments section below you can also follow me on facebook and instagram for other real estate investing tips thanks for watching and i'll see you on tuesday