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Mortgage Checklist

Excited to purchase your first home?

Or are you an existing homeowner looking to sell and upgrade to a new home? 

Cornerstone Credit Union wants to help make your dreams of homeownership come true. Here are some easy steps to guide you through the process. 

STEP ONE: MORTGAGE PRE-APPROVAL
Contact your lender to discuss mortgage options. You will need to bring the following:

Employment/Income Verification
  • T4 slip
  • Recent pay stubs
  • Letter from employer
  • Income tax returns and notice of assessment (if self-employed)
  • Current listing of assets and liabilities

Confirmation of Down Payment and Closing Costs
  • Minimum of 5% down payment required
  • Savings / Investments – account statement
  • Sale of existing property – confirmed sale agreement with removal of all conditions
  • Gift letter

STEP TWO: OFFER TO PURCHASE
  • Notify your lender that you have made an offer to purchase
  • Ensure you have cash on hand to put down for the required deposit

STEP THREE: COMPLETED AND ACCEPTED OFFER TO PURCHASE
  • Forward a copy of the offer to purchase and MLS listing to your lender
  • Inspections (if required)
  • An Appraisal may be required once all other conditions have been met
  • Once final mortgage approval is obtained your lender will provide you with a mortgage approval letter
  • Forward a copy of removal of conditions to your lender
  • Provide your lawyer’s name and contact information to your lender

STEP FOUR: MORTGAGE DOCUMENTATION
  • Sign application with your lender – instructions will then be sent to your lawyer
  • Sign formal mortgage documentation at lawyer’s office
  • Obtain adequate fire insurance with first loss payable to Cornerstone Credit Union

STEP FIVE: POTENTIAL FEES
  • Inspection Fees (if required)
  • Appraisal fee (if required)
  • Legal fees for preparing and registering security documentation
  • Any other professional or out of pocket fees required to finalize financing arrangements

* Please note this information is provided as a general reference tool only and may vary based on the circumstances of your mortgage application.

We can help.

Call us at 1.855.875.2255 and let’s make your dream of home ownership a reality.

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