When working with clients it’s imperative to outline all documentation that is required when working on their pre-approval. I ask them to provide as much documentation up front as possible. This helps by allowing me to complete the pre-application more accurately but also helps by saving time when they ultimately make an offer to purchase a new home.
Often, we’re both working with very quick subject removals. Although I’m committed to working outside normal business hours, lenders still work 9-5, Monday to Friday.
Receiving documents in a timely manner from a Realtor is very important. By forwarding the following documentation I can submit a mortgage application to lenders for a conditional approval quickly & efficiently:
What Documents are required from Realtors?
The following documents are required before a file can be submitted for approval:
- Full MLS data sheet: Mortgage Brokers do not have access to the MLS and searching online for a property wastes time and most listings online don’t provide all the information we need about the property in order to submit a mortgage application.
- Contract of purchase and sale: A fully signed contract is appreciated but if you are still awaiting signatures an application can still be submitted as long as the purchase price and completion date are agreed upon.
Lenders may also request the following documentation, but the following can be provided after initial submission. However, note that lenders typically take 24 hours to review all documents so the faster the following can be provided the better:
- Property Disclosure Statement
- Form B (Applicable for Condo purchases only)
- Two Years AGM (Annual General Meeting) & SGM (Special General Meeting) Strata Minutes Strata minutes are typically not required unless there is something listed on the property disclosure or Form B that will warrant the lender to request them.