Prepare to obtain your Financing!
This will shed some light on the best prep work for you when thinking of purchasing. You know you’ll need the bank’s money, and here is how to get it!
Your bank or mortgage broker will need you to provide:
- Verification of Salary/Employment/Income usually at least 2 years worth T4’s or T1’s and Revenue Canada Notice of Assessments
- Letter of Employment (on company letterhead) stating start date, full or part time, wage or salary amount
- Current paystubs with year-to-date earnings
- Copy of any Asset Statements (RRSP, GIC, RSP, Property, Stocks, Bonds)
- Bank statement showing cash
If financing on your own isn’t in the cards:
- Gift letter – signed by both parties – (when applicable)
copy of gift deposit in applicants account – 15 days prior to close
When the purchase is made, your mortgage broker will need:
- Copy of Contract of Purchase and Sale, with any addendums
- Property disclosure statement
- Title search
- Copy of MLS listing info sheet
- Current appraisal – if required
Closing Costs to consider:
Property Transfer Tax (unless exempt as a first time homebuyer, yay!)
Legal Expenses, conveyancing costs
Municipal Tax holdback
Appraisal
CMHC/GEIMCO mortgage insurance fee (if applicable)
Survey Certificate OR title insurance
Home inspection
Home insurance
Great Local Mortgage Brokers:
Shawn Olma, Mortgage Alliance, 102 – 483 Main St Penticton BC (250)490-8090 [email protected]
Campbell Watt, Dominion Lending Centres, 437 Main St Penticton BC (250)462-7687 [email protected]