Your home – Part 3
Your home is part three of a five part series on preparing your client for what to expect during the mortgage process. We hope you will share the full series with your clients so you can move through the process with ease.
Now that you’ve completed all your income paperwork, you’re ready to provide a few more details on the home.
You are going to be asked to confirm whether you will be:
- Living in the home
- Using it for rental income
- Using it as a second home
Your broker will arrange for an appraisal of the property to confirm its value (and market rent analysis if this is a rental property). The appraisal also reveals its marketability and its state of repair. You will be asked to pay for the appraisal up-front, directly to the appraiser. This will typically cost $350, though it can go up to $450 if it is a very large or remote home.
If this is for a rental property, you will be asked for proof of rental income with:
- T1 (if declared)
- Bank account statements (if not declared)
If you are buying a home, your broker will need to see the purchase agreement for both the property you’re buying and the home you are selling (if this is the case). Your realtor will provide these to you. Your broker will also need your solicitor’s name and contact details, which will be shared with the lender.
We know this is a lot of info to take in, but you’re almost over the finish line. You’ve made it to Part 4, The Down Payment!
If you’d like the full document of this series, please comment below or reach out and we’ll happily send it to you.