A copy of the accepted Offer To Purchase and the land survey.
A salary letter from your employer.
Self-employed individuals need financial statements for the past three years as well as personal income tax returns.
Confirmation that your down payment came from your own resources (i.e. bank statements or a gift letter).
A list of all your assets and debts along with account numbers.
A copy of the Real Estate Listing if buying an existing home.
Condominium financial statements, if applicable.
If you are buying a home to be constructed, bring a picture of the property, a copy of the building plans and specifications, the land survey, plus your agreement with the builder.
Your mortgage agent can help you determine how much you can afford (perhaps even obtain a pre-qualified approval), and you've selected a Mortgage that's right for you. This allows you to act quickly when you find the perfect home. As soon as your real estate agent draws up an Offer To Purchase between you and the vendor (this agreement sets the final price and all the conditions of sale), go back to your mortgage agent and your deal is almost complete.
18 Mortgage Questions to Ask:
Is the mortgage automatically renewable when it matures, or will I have to re-qualify?
Can I ''skip'' a mortgage payment?
If I have ''doubled up'' on a mortgage payment, can I ''skip'' a payment at a later date? If the current rate from the lender is higher that my contract rate when I wish to make a prepayment, will the lender provide a rebate?
Can I pay my property taxes directly or do I have to pay them through the lender? If they can not be paid directly, what interest is paid on the property tax savings account?
Is there any outstanding tax due on the property?
Can I sell the mortgage along with the house?
Is the prepayment amount based on the original amount, the current payment or the outstanding balance?
Can the monthly payment be reduced after it has been increased?
Can I take the mortgage with me when I sell the house? If so, can I ''port'' or ''port/increase/blend''? Can I port and reduce the outstanding balance?
Who decides if my mortgage allows a prepayment?
When selling my house, what will the penalty be if the buyer is not allowed to assume the mortgage?
Will the full mortgage amount be forwarded on closing or is the adjustment date used?
How often can the mortgage be prepaid?
How long is the interest rate guaranteed before closing? Is there any cost?
Will I get the benefit of a lower interest rate if rates drop?
When will the ''final'' rate be set?
Can I convert an open mortgage to longer fixed term? What does this cost? What type can I convert to? Are there any fees associated with conversion?
