Christine Buemann Mortgage Broker

With the spring market starting to pick up, it is more important than ever to be prepare when looking for a new home. The first step is to complete an application, to gather your basic information. The next step is to gather your documents.  Here is an example of the documents required for an employee: Job Letter Most recent Pay Stub   Notice of Assessments (NOA) 2016 ·          If you can't find these, you can set up a free   CRA My Account  to print them (it is a good idea  to set one up regardless) T4 for 2017 (or NOA if available) 90 days of  Bank Statements for Down Payment   and Closing Costs ·          If the funds are being gifted - we will need a signed gift letter and confirmation of the funds being deposited into your account (once there is an offer in place)  ·          Tips on how to get your Down Payment right If you are self employed, your documents will vary a little. Please contact me for further details. Your lender may also reques

In mortgage financing, appraisals are required to confirm the value as well as the condition of a property. Here are the most common scenarios where they could be required: Private sales Unique properties (log homes, mobile homes ext) Non-arms length transactions (ex between family members) Acreages and/or rural properties (or properties with large outbuildings or animals) Properties where there could be structural issues (ex MLS listings referring to "handyman special" ext") Refinances or renewals Conventional mortgages (or for those putting 20% or more down) Rental properties New construction  Some lenders will rebate the cost however you should budget to have the funds available. Most banks who "cover" the cost, simply charge it back to you at closing. As the mortgage lending landscape tightens, we have been seeing more requirements for appraisals so it is best to be prepared in case one is required. www.christinebuemann.ca

A pre-authorized debit form (PAD form) is a form that is produced by your financial institution in lieu of a void cheque. It will have your name, along with your banking details. This form will be used to set up automatic payments from your account.  When obtaining a mortgage, this will be required by your solicitor and also often by your Mortgage Broker. It is important to note that some lenders also require that your financial institution stamp the form when the provide it to you (so it is best to ask for this if you are requesting one in person). There will also be a separate form provided by your lender which gives them authorization to withdraw your mortgage payments directly from your account. www.christinebuemann.ca

Thinking about buying a home that has a rental suite? This can be a great idea if you want to help offset the cost of your home expenses, and it can also potentially help with qualifying for a mortgage on your new purchase.  Most lenders will allow you to add 50% of the rental income back to your income for qualifying, however we also have some who will consider 100% for qualified borrowers! This would increase the maximum mortgage available by approximately $65k. Here are a few tips if you are considering this option: Although it may not need to be a "legal" suite, they will want to see that it has a separate entrance along with a kitchen and bathroom in the unit Some lenders may only consider income from the basement unit (in case you plan on living in the upper unit) Roommate income is not allowed by the insurers as rental income Lenders will require a signed lease agreement as confirmation of the rental income. Most prefer a year lease. Some may consider a stat