When you fill out a credit application there are a number of important items that the bank or mortgage company is looking for. I have written this article to hopefully help you to see your application from the mortgage broker and the lenders point of view.

The mortgage broker is looking to see what the risks are in doing business with you. It is up to them to recommend your application to a lender. If they recommend bad applications the lender will eventually not want to take their applications

Here is what the mortgage broker and lender need from you in order to make a good qualified decision. The sooner you can supply this information the easier it will be to get your application approved.

Application Process

Personal Information

It is very important to use your correct name and employment information, plus birth date, licence. This way when a credit bureau is done on you they are sure they have the right person . Without this info a different Jane Smith may pop up with problems on their credit.

There are several sections on a credit application. They are as follows.

Inquiries Section

This section of a credit bureau tells the mortgage company how many people have made inquiries on your account. If there are too many inquiries they want to know why. This can affect your rate or even whether they want to deal with you. Don’t shop around. Go to a mortgage broker and let them do your credit bureau once and shop the full market for you. In Canada they have about 45 sources of regular mortgage money and numerous sources of private funds.

Judgement Section Read the rest of this entry »