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First meeting with a mortgage advisor: be ready

Buying a home is a major undertaking that you’ll look back on for the rest of your life. There will be many decisions for you to make while you’re going through the various steps, reviewing potential financing solutions and dealing with administrative requirements. To make sure the process runs smoothly and you can start enjoying your new home as soon as possible, follow these simple ground rules for the first meeting with your advisor.

1. Give yourself enough time

Set aside some time to prepare the meeting with your advisor and then allow sufficient time for the meeting itself. Arrive on time and don’t schedule anything right after the appointment so you won’t have to rush through the meeting and you’ll be free to ask all the questions you may have

2. Be ready to talk about yourself

Don’t be shy! You’ll be expected to talk about various areas of your life. Budget, income, financial issues, and short, medium and long-term goals: it’s all relevant! The aim isn’t to judge your past or future but to see exactly how you can get where you want to go in life.

3. Start thinking about your needs and finances

At your first meeting, the advisor will help you determine the mortgage solution best suited to your budget, risk tolerance and financial commitments. Our Customized Mortgage Plan is a convenient tool that your advisor will use to analyze your mortgage financing needs and identify the solution that fits you right.It’s a good idea to start thinking about your needs and finances before the meeting. Determine which financial goals are your priorities. If you and your spouse are both involved in the homebuying project, do this step together.

4. Get out the necessary documents

Track down all the documents you’ll need in order to get your financing approved. You can’t skip this step so don’t wait until the last minute! Be ready in advance.

  • Income tax returns for the past two years
  • Letter from your employer confirming your annual income and years of service
  • Details of your previous job if your current job is recent
  • Statements for all your bank accounts and investments
  • If a family member gave you money as a gift to help with the purchase: Letter confirming that the amount provided does not have to be repaid
  • Statements for your credit cards, credit lines, personal loans, etc.
  • Up-to-date banking information
  • Mortgage pre-approval certificate (if available)
  • Contact information for your lawyer or notary
  • Address and other details of the property you want to buy
  • If you previously filed for bankruptcy: Bankruptcy discharge document with a list of the creditors involved
  • If you’re self-employed or receive commissions or tips, you’ll also need the following:
    • Last complete income tax return, including schedules and income statement
    • Notices of Assessment and financial statements for the past three years
    • Latest GST/HST and QST/PST statement
    • Search results from the relevant federal or provincial public business registry, if applicable

5. Check your credit rating

A low credit rating could prevent you from being approved for a mortgage. Make sure you maintain a good credit score by paying your bills in full and on time, by not applying for new credit cards or loans and by not exceeding your credit card limits. Paying off outstanding balances can also help.

6. Ask for a pre-approved mortgage

If possible, request mortgage pre-approval so you can have a clearer idea of how much financing you’ll have access to. That will show you what you can expect your mortgage payments to be, including principal and interest. At the same time, ask for an interest rate guarantee to guard against higher rates!

7. Know what to expect next

After you’ve provided all the necessary documents and information, you advisor will calculate the maximum amount you’re eligible for.Then when you’ve found your new home and your purchase offer has been accepted, the lender will have the property assessed. Those steps have tomust be completed before your mortgage financing can be finalized. The lawyer or notary assigned to the transaction will subsequently register the property in your name and have you sign the documents to make you the official owner.At any stage in this process, don’t hesitate to get in touch with your advisor to ask questions.


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