As a first-time home buyer or for someone who has not purchased a home in some time, obtaining a mortgage can challenging. Your mortgage specialist or banker will be able to explain all the details but here is some information to get you started.

1. Your first mortgage payment is usually due one month from possession. You are not responsible for mortgage payments until such time as you have taken possession of the home.

2. Your mortgage specialist, banker or broker will require financial statements to approve your mortgage application. The application process will proceed more smoothly if you have gathered and organized the following:

a. Letters of employment - You are required to prove your employment status by obtaining a letter of employment from your employer.

b. Pay Stubs - Part of your proof of income comes from pay stubs. Keep 6 months of pay stubs to help prove your income level.

c. Gifts - Any money that has been gifted to you for the mortgage, down payment, etc.. needs to be established with a gift letter.

d. Last Two Years Income - Sometimes your mortgage broker/banker will need to establish income level. It is a good idea to have your last two years of tax statements prepared.

e. Beacon Score - Know your own beacon score or credit rating. It is a good idea to know your beacon score for your own information. As well, if you are planning on shopping around for different rates, you will lose points from your beacon score every time your score is assessed. Having a record of your score handy will prevent you from losing valuable points from your credit rating when shopping for mortgage rates.

3. Shop around. Mortgage rates are offered from banks and mortgage brokers. Each broker or bank can offer different mortgage rates. If you are not in a hurry, then it is a good idea to shop around for the best mortgage rate.