Home in quiet neighbourhood

If you are buying a new home, this checklist can help you gather the information you need to make the home buying process quick and easy.

 

Information for buying a home

Information about the property that you are buying:

  • MLS listing
  • Purchase and Sale Agreement; including any schedules and waivers
  • Contact information for your lawyer

Information required about your finances:

Confirmation of down payment through one of the following sources:

  • Savings account
  • Gift letter from immediate family member 
  • Proceeds from the sale of another property
  • Other assets

Other Documentation:

File folder

If you’re employed you need:

  • A letter from your employer on company letterhead that includes your name, salary or hourly pay rate, name and title of the person signing the letter
  • 6 months paystub history
  • 6 months direct deposit history
  • T4s from last two years

If self-employed or on contract:

  • Notice of Assessments (NOA) for the last year
  • T1 Generals for the last two years

Other income sources:

  • Ask your Servus Financial Advisor or Mobile Mortgage Manager about what confirmation will be required

Additional questions to consider:

  • What current assets or savings do you have?
  • What current liabilities do you have? Includes outstanding balances and monthly payments
  • Do you have critical illness/life insurance coverage?
  • What are your current annual property taxes?
  • How much are your utilities per month?
  • If you own a condominium, what are your monthly condo fees?
  • What is the square footage of your home?
  • What is the square footage of the land?

To learn more about how you can get your mortgage with Servus contact us by email, phone 1.877.378.8728 or visit your nearest branch.

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