Financing Process Checklist
“NEW HOME PURCHASE”
Information about the property:
- MLS listing of the property, including photo
- Purchase and sale agreement, including all appendices and waivers
- Name, address and phone of your lawyer or notary public
Information about your finances:
Confirmation of down payment from one or more of:
- Savings or other assets
- Proceeds from the sale of a different property
- A gift
Purchasing a home or transferring an existing mortgage can be overwhelming. Here is a simple checklist for a smoother process.
“TRANSFERRING EXISTING MORTGAGE”
Transferring an existing mortgage is a great way to help you save money in the long run. If you are thinking of switching your existing mortgage to another financial institution, make sure to have the following information.
Information about your current property:
- Most recent mortgage statement
- Your current homeowner insurance policy
- Your most recent property tax statement
- The property’s value, from a recent property tax assessment and/or comparable MLS listings
- A legal description of the property, from the original purchase agreement or property tax statements
OTHER DOCUMENTS - FOR BOTH FIRST TIME BUYERS AND HOMEOWNERS
If you are salaried or employed full time or regular part time:
- Current pay stub
- Copy of a current bank account statements indicating direct deposit of your income
- A letter from your employer on letterhead, including your name, pay rate, as well as the name and title of person signing the letter
If you are self employed, on contract, or you intend to include other income such as bonuses, profit sharing, overtime or tips:
- NOAs (Notices of assessment) from the CRA (Canada Revenue Agency).
My personal goal is to help you find the “RIGHT” mortgage solution that suits your needs. Circumstances may look the same, but each person has unique needs. I am here to work along with you. Together, we will succeed!
Questions you may need to answer during the financing process
- Other assets you may have including savings
- List of current liabilities
- Do you have life insurance and critical illness coverage?
- Estimate of your annual property taxes and heating costs?
- Square footage of both the home and land
- Condo owners – Fees required by Condo Corporation
For more details, please call me at (416) 801-8521