- Why use a mortgage broker
- Purchase a Condominium
- Tax Installment Payment Program (TIPP)
- Home Buying Process
Many Canadian home buyers are paying too much on their mortgage because they don’t have the time to sort through the maze of options that are available today. After all, shopping around takes a lot of time and effort. The mortgage associate will provide you with one-stop shopping and impartial advice when shopping for your mortgage. A professional Mortgage Associate will save you time and money.
What is a Mortgage Associate?
A mortgage associate is an intermediary between you the customer and the mortgage lender. The mortgage associate will shop around to all of the major lending institutions including banks, trust companies and insurance companies. The mortgage associate will find the mortgage that offers the best combination of features, options and rates to suit your needs.
The Process of Purchasing a Condominium
When purchasing a Condominium, you get much more than just your unit and possibly a parking stall or two. You are also buying into the “business”.
Each condominium complex is a not for profit corporation. Like most other business, there are the day to day operations to take care of, managing the business financials and overseeing the contractors, residents and owners. These tasks are completed by the Board of Directors (a volunteer group of owners), sometimes with the assistance of a professional management company.
There are many business documents that should be reviewed before you remove conditions on your potential home and commit to being a part of this “business” venture.
Condolyzers specializes in reviewing these documents and will provide you with the tools to make an informed decision.
Many condominium purchasers turn to professional review services, such as Condolyzers Inc., to complete their necessary due diligence before removing conditions and closing their deal.
For more information about Condominium ownership, visit the Condolyzers website.
TIPP is a Tax Installment Payment Plan by which taxpayers make consecutive monthly payments for taxes. Payments may ONLY be made by automatic withdrawal from a bank chequing account.
To Join TIPP You Need to:
- Speak to the city or town about applying for their Tax Installment Payment Plan.
- If in Calgary, you can call 311 or visit the city of Calgary website here.
Line of Credit and Power Line accounts CANNOT be used.
If you pay Principal Interest and Taxes (PIT) to a mortgage company you must contact them prior to joining TIPP.
The Process of Purchasing a Home
- Pre-Approved Mortgage
- Buying A Home
- Required Documents
Purchasing property is the single most expensive investment most Canadians will ever make. The process can be extremely intimidating and stressful. Working with a professional mortgage specialist can substantially ease your worries! We are here to answer all of your questions and walk you though the steps of buying your home. We also help you understand the process and explain all the options in order to make you feel more comfortable with your purchase.
A pre-approved mortgage is prudent if you are in the market to buy a home in the near future. This allows you to secure a rate from the lender for a period of 90 -120 days. It puts you in a position of power since most real estate agents will not accept an offer unless the client has been pre-approved for mortgage financing. It also enables you to negotiate the purchase price of the home with confidence because you will know the amount of mortgage you qualify for. This also enables your Realtor to look for the home that fits your financial needs and situation. Pre-approved mortgages put you in a strong negotiation position and locks in the best possible rate for you while you shop for your home.
A pre-approved mortgage is based on information you provide with your application and subject to verification from the lender. Approval is always subject to conditions from the lender such as income verification and proof of your down payment. If you put down less than 20 percent of the purchase price and at times even when you put down 20 percent or more, the lender will send your file through a mortgage insurer. Therefore, it is important to provide the most accurate information possible in order for the associate to determine which lender we will submit your application to and where to obtain the best rate.
Buying A Home
- Application: Apply Online or call us at 403-813-2769
- Mortgage Associate: Mortgage specialist shops for the best rate
- Review Commitment: Mortgage associate reviews commitment via phone/fax or via email
- Approval: (Client has accepted offer) Submit to CMHC/Genworth/CG or order appraisal
- Removal Of Financing Conditions: (if offer to purchase is subject to Financing)
- Received CMHC/Genworth/CG approval or received Appraisal
- Go over the Outstanding Conditions with client
- Client can now waive financing condition
- Documents: All documents should be in 10 Days after Accepting Offer
- Lender: The lender will send the documents to your lawyer
- Lawyer: 14 days
- Before closing, please call your lawyer at this time to confirm that they have received mortgage instructions
- Any outstanding money owed for down payment is paid to lawyer with closing costs
Congratulations - You now own your new home!
Required Mortgage Documents
- Letter from employer (how long on job and gross annual earnings).
- Recent Pay Stub
- Salaried/Hourly Employee with over time or bonus income
- Above plus two years NOA or T-4’s to prove extra income
Self Employed or Commissioned Clients
Last two years Revenue Canada Notice of Assessment – this form is required to confirm tax returns were filed
- It is mailed to you by Revenue Canada after you file your taxes
- Last two years financial statements if incorporated
- Last two years statement of business activities if a proprietor
- Last two years of your T1 Generals
- If taken from savings, we need three months bank statements showing the amount being saved
- If from a gift, we need a signed gift letter. CMHC/Genworth/CG requires that the gift be deposited into the bank 15 days prior to possession of your new home
- If from the sale of home we need a copy of the offer to purchase and waiver(s) of sale on existing home, with corresponding mortgage statements
- Offer / Feature sheet or MLS listing
- Copy of separation agreement if applicant is divorced or separated
- Lawyer’s name and address