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Buyer's
Guide
/information makes the difference/
Applying For Your Mortgage - A
Checklist
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A copy of the accepted Offer To Purchase and the land
survey.
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A salary letter from your employer.
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Self-employed individuals need financial statements for
the past three years as well as personal income tax
returns.
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Confirmation that your down payment came from your own
resources (i.e. bank statements or a gift letter).
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A list of all your assets and debts along with account
numbers.
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A copy of the Real Estate Listing if buying an existing
home.
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Condominium financial statements, if applicable.
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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.
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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:
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Is the
mortgage automatically renewable when it matures, or
will I have to re-qualify?
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Can I
''skip'' a mortgage payment?
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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?
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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?
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Is there any
outstanding tax due on the property?
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Can I sell
the mortgage along with the house?
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Is the
prepayment amount based on the original amount, the
current payment or the outstanding balance?
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Can the
monthly payment be reduced after it has been increased?
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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?
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Who decides
if my mortgage allows a prepayment?
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When selling
my house, what will the penalty be if the buyer is not
allowed to assume the mortgage?
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Will the full
mortgage amount be forwarded on closing or is the
adjustment date used?
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How often can
the mortgage be prepaid?
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How long is
the interest rate guaranteed before closing? Is there
any cost?
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Will I get
the benefit of a lower interest rate if rates drop?
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When will the
''final'' rate be set?
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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?
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Is the
''early renewal'' feature offered?
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Selling houses is my goal!
Putting
people and homes together is my passion!
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Michael Kagan
- Sales
Representative - |
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michael.kagan@live.ca |
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Heritage Group
Ltd., Brokerage
7330 Yonge
Street, Thornhill, Ontario L4J7Y7
Office 905-764-7111
Fax 905-764-1274
Cell 416-993-0457
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Independently owned and operated - |
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Not
intended to solicit properties currently listed for sale
or individuals currently under contract with a brokerage.
Privacy
Policy |
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purposes only. Although the site owner and creators assume
the information to be correct, and attempt to keep
information in the pages of this website as current as
possible, they do not warrant the accuracy or completeness
of any information included in or linked to this page. |
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This site and all its
contents are © 2004 CanadaRealty.com. Logos used with
permission. |
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