Mortgage Road Map – From Offer to Possession
Below you will find some basic sequential steps involved in obtaining a mortgage from start to finish.
- Choose lender and obtain mortgage pre-approval
- Offer accepted/purchase date
- All documents to lender/mortgage broker
- Mortgage approval (usually pending a lender ordered appraisal)
- Finalize rate/amortization
- Home insurance
- Appointment with lawyer to sign documents
- Possession date
When buying a new home some documentation that may be required to support your mortgage application. By having this information organized and available to your lender when requested, your mortgage can be finalized more efficiently and expediently.
1. Information that describes the property you are buying:
- Purchase & Sale agreement
- MLS Listing with photo of the house
- Name, Address, Telephone Number of your Lawyer/Solicitor
- Void Cheques
2. Confirmation of your Down Payment:
- Savings or investments statement from within the last 90 days
- Confirmation of the sale of an existing property – a copy of the sale agreement
- Gift letter if obtaining the down payment from parents or another source
- Withdrawal from RRSP through Home Buyer’s Plan
3. Employment Verification:
- Copy of latest pay slip
- Last T4
- Letter of Employment
- Last T1 General and Notice of Assessment (NOA) if Self Employed
4. Other information that may be required:
- As part of your mortgage application process you may be asked questions relating to what you owe and own, what some of the projected expenses relating to the property are (such as taxes, heating costs, condo fees) and whether or not you will be using the purchased property to generate income.