6 Tips: The Documents for Financing Success

*This post is sponsored by one of The Real Estate Investment Network’s Trusted Partners, Keith Uthe of Enrich Mortgage Group. To become a contributing editor or to learn about our sponsorship opportunities, please contact us at david@reincanada.com.

Whether you are buying your primary home or an investment property, one of the most common questions is, ‘Do we really need to provide all of these documents?’  The short answer is, ‘Yes, all of them, with no edits’.

Tip #1

We know document scanning can be time-consuming and difficult if you do not have a proper setup or service provider who does that for you. Investing in a multi-feed scanner + printer can be extremely useful – especially for real estate investors.

Tip #2

Don’t try and guess which documents are important or unimportant. Don’t exclude pages from documents because you think they may not serve a purpose.  If a document says there are 4 pages, ensure your scan contains all 4 pages.  This is one of the most common problems and creates unnecessary delays.

Tip #3

Ensure that when you scan or take a photo, that the quality is such that it is clear, readable and unblemished. 

Tip #4

When saving and sending them as file, ensure each document is properly labelled, which will expedite the submission process – (plus brokers don’t get stuck with the job of organizing each and every file!)

Tip #5

Authorize your realtor and accountant to send and share documents with your mortgage broker.  They usually have original copies and those are usually the best quality and it takes the pressure off of you and the number of documents you need to provide.

Tip #6

Whenever providing bank or investment account statements, do not try to block out, edit or restrict information in any way.  All bank statements or transaction statements must include your name, the account number, the date period, the bank’s name.  There are very specific anti-money laundering and mortgage fraud guidelines when it comes to providing these statements and what is acceptable.   All large sum deposits must have a proven source so if you are moving money between accounts or received a large deposit expect to provide proof of the source of that deposit.

These tips are just the tip of the iceberg, so be sure to join Keith in October 2021 for his ‘REIN Working Session – Documents for Financing’.  The banks always want to say yes until you give them a reason to say no. (REIN Members – be on the lookout for your invite from us soon!)

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