When purchasing a new home, refinancing or transferring an existing mortgage, knowing what documents and information may be requested by a lender can speed up the financing process and help you avoid any last minute surprises. Here is a checklist to help you prepare...
IF YOU ARE PURCHASING A HOME
o Copy of the MLS listing and the purchase and sale agreement
o Full name and contact information of your solicitor
o Confirmation of down payment from one or more of following sources: Personal savings or other investment accounts; Proceeds from sale of a different property; A gift
o Most recent 3 months bank / investment statements showing down payment funds
IF YOU ALREADY OWN YOUR HOME
o A recent mortgage statement
o Your current homeowner insurance policy
o You’re most recent property tax assessment
o The property’s value, from a recent property tax assessment or comparable MLS listings
o A legal description of property from the original agreement or property tax statements
OTHER DOCUMENTS
For both first time buyers and homeowners:
Ø If you are salaried or employed full time or regular part time...
o 2 recent and consecutive pay stubs
o Copy of a current bank account with statements indicating direct deposit of your income
o A letter from your employer on company letterhead, including your name, pay rate, title or position, length of employment, # of weekly hours worked and the title of the person signing the letter
Ø If you are self employed, on contract, or you intend to include other income such as bonuses,profit sharing, overtime or tips...
o NOA’s (Notice of Assessments) from the Canadian Revenue Agency (last 3 years)
o T1 Generals with attached statements of business activities
o Business license
ADDITIONAL INFORMATION
o List of assets and liabilities?
o What life and critical illness insurance coverage you presently have?
o How much are the annual property taxes and heating costs?
o Total square footage of the home and land?
o In the case of a condominium purchase, a copy of the new home warranty certificate
Wednesday, December 14, 2011
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