Yes – your mortgage expert is there to help you, but how can you help your mortgage expert?  Here are 3 tips to help your AMP get your deal packaged and submitted to a lender more quickly:

• The Application – quite often the first contact you may have with your AMP is through an online application.  It can be the most useful document a mortgage expert has at their disposal.  Make sure you take the time to answer it honestly, completely and in detail.  The more information that they have available to them, the easier it will be for them to know in what direction to go.  Many lenders have similar programs, but their policies may be substantially different.  The application will provide them with the background information they need to start researching which leader(s) would be a good match for you.

• Communication – it sounds simple, but it is important that you clearly communicate what it is that you are looking for.  Your AMP isn’t a mind reader – don’t make them fish for details or information.  Be upfront and clear about what the desired outcome is.  For example, are you buying and selling a home at the same time?  Is the purchase of your future home contingent on the sale of your current home?  If your current home doesn’t sell, can you carry both properties?  Or - is there a blemish on your credit bureau, such as a collection or outstanding parking ticket?  Be honest with your broker and work with them to resolve any issues.  A good suggestion is if these have been paid, obtain copies of the receipts or settlement letters and send them to Equifax to have the collections or bad debts marked as paid or settled with a balance owing of zero.  You could end up causing a delay in the application process otherwise.  An incomplete or inaccurate application won’t get approved the first round and will only result in frustration for everyone. 

• Paperwork – provide it on time and make sure that it is complete.  If information is missing, the submission process will slow down and that could result in you losing out on a house purchase in the end.  Ask up front what paperwork is required and start immediately to track it down.  Better yet – be proactive and start a file right now!  Even if you don’t have all of the supporting documents that your mortgage expert needs, you will be ahead of the game. 

Here is a list of the commonly required paperwork for a mortgage application:

• NOA’s for the last 2 years.
• Current pay stubs verifying 30 days of income and year-to-date income, including any overtime, commission or bonus income.
• Letter from your employer, on company letter head, confirming your employment history and wage. (If you are self-employed, your mortgage broker will let you know what is required.)
• Verification of down payment.
• Complete Bank Statements (for all accounts), or any other asset verification, covering the last three (3) months.

** Additional paperwork may be required.  Your AMP will advise you on your particular situation.