Owning a Home (Canadian Edition)
Note: I’m not a financial advisor, these are just some notes I made on a Home Owning seminar.
Financial needs analysis
a. First homeowners
b. Existing homeowners
First Home Owners:
- Credit Score
- Credit and Debt/Usage
- Money for Down Payment, or Liquid Assets
2 Years notice of Assessment for the husband and spouse 2 latest paychecks letters of employment Proof of TFSA, RRSP, non-registered investments and savings Government IDs If not enough, add friends, child, relative
Existing Home Owners:
The above, plus Last Mortgage statement
Goal is to create wealth by refinancing and consolidation of debt
BMO offers lower rates according to Diana. Connect with Partners like Real Estate Agent, Mortgage brokers/agents, lawyers
If there is no RRSA, or TFSA, and need a loan, go for an RRSP Loan.