Gather your paperwork ahead of time
You’ll be way ahead of other buyers who are scrambling at the last minute. Your real estate agent will be able to let sellers know that you are ready to purchase and this can be a negotiation tool in your favour. Here is a list of paperwork that most lenders will need to approve your mortgage.
Confirmation of down payment
- Savings or investment account statements from within the last 90 days
- Sale of an existing property — a copy of the sale agreement
- If your down payment funds are a gift from your family— a gift letter
- Statement of withdrawal from RRSP through Home Buyer’s Plan
Employment verification:
- Copy of latest 2 pay slips
- T4
- Letter of employment
- T1 General
- Notice of Assessment (NOA)
- If self-employed ask your lender exactly what other information they will need you to provide
As part of the application process, you’ll be asked what some of the projected expenses relating to the property are, such as taxes, heating costs, condo fees, and whether you will be using the property to live in or generate income. You’ll also need to provide a void cheque.
Affiliations
Let’s Connect:
