Owning a Home (Canadian Edition)

Note: I’m not a financial advisor. This is not financial advice. These are just some notes I made on a Home Owning seminar.

Financial needs analysis

a. First homeowners

b. Existing homeowners

First Home Owners:

Questions:

  1. Credit Score
  2. Credit and Debt/Usage
  3. Money for Down Payment, or Liquid Assets
  4. Employment
  • 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 RRSP, or TFSA, and need a loan, go for an RRSP Loan.