The first step is to review your current expenses thoroughly. Find out how much added expense will be incurred in taking on a mortgage. When you apply for your mortgage be sure to bring:
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.
As a registered Mortgage Agent, Ryan Chelak 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 we draft up an Offer To Purchase between you and the vendor (this agreement sets the final price and all the conditions of sale), we will be able to update your information and your deal will be almost complete.
