A step-by-step guide to buying your new home!
Gather Information and Documentation required to determine which type of Mortgage suits Your Needs
- Income Confirmation (Letter from Employer, 2 Recent Pay Stubs or Two Year NOA’s)
- Down Payment and Closing Cost Confirmation (90 Day Savings History showing funds are Yours via Bank Statement or completed Gift Letter from Family member)
Submit and Receive Pre-Approval
Find a Home and have an Offer to Purchase Accepted
- Forward accepted Offer to Purchase and MLS Listing or Feature Sheet to me via Fax or Email
Submit to CMHC and receive Conditional Approval
Meet All Outstanding Conditions
- Example: Was an Appraisal necessary? Who will be your Lawyer? Have we proven down payment and closing costs?
- I then send a Final Approval Letter to your Agent or Builder
Finalize and Sign Commitment Letter
- I will call you to set up an appointment
- You bring in a VOID cheque
- You come in and Sign the Commitment Letter
- Discuss Life and Disability Insurance
See Your Lawyer
- Sign Mortgage Documents
- Provide Balance of Down Payment
- Receive Your Keys!
- Move into Your New Home!
CMHC / Genworth Premium Chart
||4% CMHC or Genworth|
|10% downpayment||3.1% CMHC|
|15% downpayment||2.8% CMHC|
- 35% - Gross Debt Service House Payments (P&I, Prop Tax, Heat & ½ Condo Fees)
- 44% - Total Debt Service All Payments (House Payments and all other payments you have for eg. car & student loans)
- Depending on the Institution these will vary. When choosing the right Lender for your needs we will discuss your Pre-Payment Privileges, which will help you save money over the life of your mortgage
Payment Frequency Options
- Monthly, Semi-Monthly, Bi-Weekly, Weekly
- Can be Changed at anytime
- Term – Contract Period. Generally, the time the interest rate is fixed
- Amortization – Time to Pay the Mortgage down to $0.00. Generally up to 25 years