Admin Special With The Admins Of LendCity
In this episode, the admins of LendCity discuss the mortgage process and the importance of proper documentation. They share their experiences and lessons learned in the mortgage industry. They emphasize the need for accurate and complete documentation, including job letters, pay stubs, and identification. Not only that, but they also discuss the importance of listing assets on the application and provide tips for preparing for a home appraisal.
Takeaways
- (00:00) - Introduction and Background
- (00:49) - Lessons Learned in the Mortgage Industry
- (04:10) - Proper Documentation Requirements
- (08:01) - Identification and Asset Requirements
- (09:28) - Documentation for Rental Properties
- (12:08) - The Role of Assets in the Mortgage Application
- (14:26) - Preparing for a Home Appraisal
If you're serious about real estate investing, join our free Investors Hub. Click this link to access now.
Takeaways
- Getting a mortgage is simpler than originally thought, but it depends on the individual's situation.
- Proper documentation is crucial in the mortgage process.
- Job letters should be typed, on letterhead, and signed by a superior or HR.
- Pay stubs should have the employee's name, employer's name, and accurate year-to-date information.
- Two pieces of government ID are required for verification, but health cards are not accepted.
- For rental properties, recent leases, tenant acknowledgement forms, and T1s may be required.
- Listing assets on the application can help with purchasing power and provide options for creative financing.
- Preparing for a home appraisal includes cleaning the house, highlighting any recent improvements, and ensuring the property is presentable.
- The admins are available to answer questions and provide assistance throughout the mortgage process.
If you're looking to access the best financing for Real Estate Investors in Canada & the U.S.A., then I suggest you Book A Free Strategy Call with a specialist on my team.