- Previous year's income tax Notice of Assessment
- Two most recent paystubs
- Are you self-employed? Please bring the previous two year's of income and business records.
Figuring out what you can afford starts with looking at your cash flow.
Deduct what you spend on everyday items, including food and transportation, from your income.
Determine your housing costs, including your mortgage, utilities and property taxes, and existing debt payments.
Factor in the one-time costs that come with buying a home — legal fees, moving costs, and renovations.
While you can get away with as little as 5% down when financing a home, the larger your down payment, the less interest you'll pay over time.
To fund a more generous down payment, you can borrow from your RRSP using the Home Buyers' Plan. Under the plan, each individual can withdraw up to $35,000 tax-free from their RRSP.
Getting pre-approved for a mortgage tells realtors and sellers you're a qualified purchaser. It lets you shop and negotiate knowing how much you can borrow, so you won't waste time looking at homes out of your price range.
Your first appointment will enable your advisor to discover your needs and to identify how we can best help you in making your first home purchase stress-free!
Below are the few documents you will need to bring with you to your first appointment.
Payment Protection Legal Disclaimer
Creditor's group insurance coverage is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor's group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.
Our advisors are happy to talk to you about the steps to buying your first home.