When you get to the pre-approval stage, here’s what you’ll need to show your bank or broker:
•Personal identification: including driver’s license and proof of address
•Income details: employment & salary confirmation (a letter from your employer) Previous year T4
•Income other: Details about any other income sources
•Info about bank accounts, loans and other debts
•Proof of financial assets
•Verification of the down payment and funds to cover the closing cost – the down payment must be a minimum of 5% of the purchase price, and the closing costs usually come up between 1.5% and 4% of the purchase price
|