The Ultimate Mortgage Checklist and Timeline for Ontario Homebuyers

There are many steps required for a successful home purchase. Unless you have someone guiding you along, it could be frustrating and confusing experience. Over the years, we have seen buyers trying to navigate the process on their own, and as a result, we have put together a couple of checklists that will enormously simplify the process and understand which are the documents required. The first checklist is about the steps on buying a home, which will guide you through the homebuying process, and the second checklist is about the documents required that will lead to a successful “purchase and keys in your hand” outcome. We are currently working on expanding each of these steps in more detail and creating a guide on the process. Check our blog frequently for an in-depth explanation of theses steps.

Here are the steps:

Checklist of steps:
1. Understand your financial situation
2. Start saving for down payment
3. Check your credit history and rating
4. Work with a mortgage broker
5. Gather required documents, and submit them to your broker
6. Get pre-approved
7. Work with a real estate agent
8. Look at houses that are currently for sale
9. Make an offer though your real estate agent
10. Get approved for a mortgage
11. Home appraisal to confirm value
12. Home inspection to confirm condition of the property
13. Deal with a lawyer to perform the legal work and to transfer the ownership to you
14. Provide your down payment to the lawyer
15. Closing date, final signatures and getting the keys of your new home
16. Packing and moving, you are a home owner now!

Checklist of documents:
1. Identifications (Minimum of 2 IDs required):
– Drivers license,
– Passport,
– SIN card, etc.
2. Employment confirmation (Must be recent, and not older than 30 days):
– Work letter,
– Two pay stubs.
– Any other documents based on your individual situation, or based on lenders request.
3. Income Tax documentation from CRA (Usually for the last 2 years are required):
– T4,
– Notices of Assessment,
– Tax returns,
– Statement of Account, to prove you’ve paid your income taxes.
4. Down payment confirmation:
– Personal bank statements,
– Any investment statements, if used for down payment
– RRSP statements, if used for down payment
– Gift letter from close family, if applicable,
– Unconditional offer on sale of existing property, if down payment is coming form another property,
– Other documents as needed, or as requested by the lender.
5. Property information:
– Agreement of Purchase and Sale (the Offer) with all the schedules,
– MLS listing provided by your real estate agent,
– Copy of deposit given with offer,
– Appraisal, if required by the lender
6. Other documents as per your individual situation.
– For example if you are a self-employed, your income confirmation will be different than for an employee.
– For applicant that are divorced or separated additional documents will be required to confirm their liability payments.
– Other situations may require additional documents. Your mortgage broker will be able to assist you if any of those apply to you.

Please note that the process and the checklist for existing homeowners that are looking to renew, refinance or transfer their mortgage to another lender may require additional documents related to the existing property and the existing mortgage, but the rest of the documentation will be similar to the above list, with the exception of the part on buying the property.

The above is the simplified representation of the steps required for purchasing a home, and the documents that need to be provided in that process. Feel free to print this checklist, or save it on your phone or computer, and refer to it as needed.

Now that we’ve walked through the steps of the home buying process and the necessary documentation, it’s time to put this knowledge into action. If you are ready to take the next step towards home ownership, you need to start assembling a team that will get you there. A successful home purchase requires a team of professionals, including a mortgage broker, a real estate agent, and a lawyer. Each team member plays a crucial role in the process, from finding the right property and securing a competitive mortgage rate to navigating the legal aspects of home ownership.

The first step involves talking to a mortgage broker. We offer a complimentary no-obligation consultation. Book your Complimentary Consultation today, and let us help you understand the details that will guide you on your path to a suitable mortgage solution.

Feel free to reach out to us at (519) 252-9665 during our regular business hours. Alternatively, you can fill out our contact form, and your message will be promptly emailed to us. We value your time and inquiries, and we make it our priority to respond to all messages within one business day. When reaching out, please provide us with your contact details, a brief overview of your mortgage needs, and the most convenient times for you to have a consultation. We look forward to assisting you with your mortgage.

This article was brought to you by Ltd., a mortgage brokerage that is licensed with the Financial Services Regulatory Agency of Ontario (FSRA), which regulates businesses in the financial sector. The Principal Broker Sash Trajkovski has over 20 years of real estate and mortgage experience in the Ontario marketplace. You can verify our licenses by visiting the following links from FSRA’s website: our corporate license and Principal Broker license. Our mortgages services are available to all residents of Ontario.

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