The Process of Purchasing
a Home
-
Pre-Approved Mortgage
-
ABC's of Buying A Home
-
Required Documents
Purchasing property is the single most
expensive investment most Canadians will
ever make. The process can be extremely
intimidating and stressful. Working
with a professional mortgage agent can
substantially ease your worries! We are
here to answer all of your questions and
walk you though the steps of buying your
home. We also help you understand the
process and explain all the options in
order to make you feel more comfortable
with your purchase.
A
pre-approved mortgage is prudent if you
are in the market to buy a home in the
near future. This allows you to secure
a rate from the lender for a period of
90 -120 days. It puts you in a position
of power since most real estate agents
will not accept an offer unless the
client has been pre-approved for
mortgage financing. It also enables you
to negotiate the purchase price of the
home with confidence because you will
know the amount of mortgage you qualify
for. This also enables your realtor to
look for the home that fits your
financial needs and situation.
Pre-approved mortgages put you in a
strong negotiation position and locks in
the best possible rate for you while you
shop for your home.
A
pre-approved mortgage is based on
information you provide with your
application and subject to verification
from the lender. Approval is always
subject to conditions from the lender
such as income verification and proof of
your down payment. Therefore, it is
important to provide the most accurate
information possible in order for the
broker to determine which lender we will
submit your application to and where to
obtain the best rate.
If you
are planning to purchase a home give our
office a call at 1-866-509-1090 (Ext. 1)
or take a moment to fill out the online
mortgage application.
We
look forward to helping you!
-
Application:
Apply online or download our
printable application, which can be
faxed back to us at 403-509-1007
-
Mortgage Agent:
Mortgage agent shops for the best
rate
-
Review Commitment:
Mortgage agent reviews commitment
via phone/fax or via email
-
Approval:
(Client has accepted offer) Submit
to CMHC/GE or order appraisal
-
Removal Of Financing
Conditions:
(if offer to purchase is subject to
Financing)
-
Received CMHC/GE
or received Appraisal
-
Go over the
Outstanding Conditions with
client
-
Client can now
waive financing condition
-
Documents:
All documents should be in 10 Days
after Accepting Offer
-
Lender:
The lender will send the documents
to your lawyer
-
Lawyer:
14 days
-
Before closing,
please call your lawyer at this
time to confirm that they have
received mortgage instructions
-
Any outstanding
money owed for down payment is
paid to lawyer with closing
costs
-
For additional
information
on the home buying process,
download this
step-by-step guide from CMHC.
Congratulations - You now own your new
home!
Salaried/Hourly Employee
-
Letter from employer (how long on
job and gross annual earnings).
-
Recent Pay Stub
-
Salaried/Hourly Employee with over
time or bonus income
-
Above plus two years NOA or T-4's to
prove extra income
Self Employed or
Commissioned Clients
-
Last two years Revenue Canada Notice
of Assessment - this form is
required to confirm tax returns were
filed
-
It
is mailed to you by Revenue Canada
after you file your taxes
-
Last two years financial statements
if incorporated
-
Last two years statement of business
activities if a proprietor
-
Last two years of your T1 Generals
(first two pages only)
Down payment
-
If
taken from savings, we need three
months bank statements showing the
amount being saved
-
If
from a gift, we need a signed gift
letter. CMHC/GE requires that the
gift be deposited into the bank 15
days prior to possession of your new
home
-
If
from the sale of home we need a copy
of the offer to purchase and
waiver(s) of sale on existing home,
with corresponding mortgage
statements
Other Documentation
-
Offer / Feature sheet or MLS listing
-
Copy of separation agreement if
applicant is divorced or separated
-
Lawyer's name and address
