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Mortgage Approval

     There are many places to get a mortgage approval, such as, banks, trust companies, finance companies and insurance companies. If you don't want to go directly to these institutions yourself, you can acquire the services of a mortgage broker who will find a lender for you. Mortgage brokers are particularly useful if you have poor credit history, as they will approach as many lenders as possible to get you a loan.

     Whether you go through an independent institution, a broker, or a bank, you will undoubtedly have to provide an array of personal and financial information. Information required will include:

* Gross Debt Services
* Total Debt Services
* A list of all assets and liabilities
* Credit history
* Personal information
* Employment information (proof of income)
* Up to date banking information
* Proof of down payment
* A current appraisal (if applicable)
* Mortgage insurance fees
* Verification of the property listing
* An Agreement of the Purchase and Sale (if purchasing a resale home)
* Written estimated cost of a new home
* An outline of condominium fees (if applicable)

     Once you have provided the lender with all of the necessary information, you will than have to wait up to two weeks to be approved. When the lender is determining your ability to repay the loan they will take the following things into consideration: the amount of capital you have, previous repayments history, i.e. car loans, credit cards, etc., your disposable income and any collateral you may have.