Are you in the process of buying a home? With so many things to think about such as packing, decorating, and shopping around for a perfect place, financing is just another thing to get in order. While the home financing process can be overwhelming, it can be much less stressful if you get your information organized beforehand. Below is a checklist to help you organize your home financing info. While most pieces of information are standard, keep in mind that some unique cases may require other specific information not included here.
- Information about the property you are purchasing: You will need to provide purchase and sale agreements if you are purchasing a new home, including schedules and waivers. Also, include the real estate listing with a photo of the home you are buying and the contact information for the solicitor or notary you will be working with.
- Information about your current financial situation: You should also gather your personal financial information such as savings accounts or deposits history, a list of your assets, or a gift letter to justify any gifts you have received.
- Other Information: Other information to bring includes confirmation of your income in the form of a letter from your employer stating your name and salary, a current pay stub, or a copy of your bank account showing a direct deposit of your income. If you are on a contract or are self-employed, you can include the previous two years of Notice of Assessments from the Canada Revenue Agency.
Below are some common questions that you may be asked during a mortgage application, so be sure to have the answers ready at hand.
- What are your current assets/savings?
- What are your current liabilities (state amount and monthly payment)?
- Provide an estimate of the annual property taxes and heating costs for your new property.
- Are there monthly condominium fees?
- What is the total square footage of the home and the land?
Do you need help starting your mortgage application and getting your information organized? Contact me today if that is the case.