Essential Documents Needed When Buying a Home with HOMEH

Buying a home is exciting, but it also requires preparation. Having the right documents ready can make the process smoother. Here’s what you’ll need when buying with HOMEH.

Key takeaways

• Proof of income and employment are crucial.
• Identify your debts and assets for a complete picture.
• Documentation helps you qualify for a mortgage.
• Keep your identification and financial records organized.

Proof of Identity

You will need to show who you are. A government-issued ID, like a passport or driver's license, is necessary. This proves your identity to lenders and agents.

Proof of Income

Lenders want to see how much money you earn. Gather the following documents to prove your income:

Documents to prepare:

• Recent pay stubs (last 2-3 months)
• Tax returns (last 2 years)
• Notice of Assessment from the CRA
• If self-employed, provide business financial statements.

Tip

Keep all documents in one folder. This helps you find them easily when needed.

Credit History

Your credit score shows how you manage debt. Lenders will check your credit report. Make sure to review your credit history before applying. This can help you identify any issues.

Check Your Credit

You can get a free credit report online. Look for errors and fix them before you apply for a mortgage.

Details of Debts and Assets

Lenders will want to know about your financial situation. Provide a list of your debts, such as loans and credit cards. Also, share your assets, like savings accounts, investments, and property. This helps lenders see your full financial picture.

Pre-Approval Documents

Getting pre-approved for a mortgage is a smart step. It shows sellers you are serious. For pre-approval, you will need:

Key documents include:

• Proof of income and employment
• Credit report
• List of debts and assets
• Identification.

Note

Pre-approval does not guarantee a loan, but it gives you a good idea of how much you can borrow.

Additional Considerations

Depending on your situation, you may need other documents. For example, if you are a first-time buyer, gather any forms related to government programs you may want to use. Programs like the FHSA and RRSP Home Buyers' Plan can help reduce costs.

A quick note

This article is general information only and is not legal, tax, or financial advice. Rules and figures can change — check with a licensed professional before you act.