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Synergy CU Home Handbook

Solutions at your Doorstep

Synergy Credit Union has created the Synergy Home Handbook to help you better understand the terminology and process in regards to your mortgage and homeownership.

Not All Mortgages Are Equal

A mortgage is a major purchase, so it is important to know you have the package and lending professional that is right for you.

Factors for Lending Decisions

At Synergy Credit Union, one of the best ways to provide you with excellent service is to explain to you how our lending decisions are made.

What to Bring to the Lender

Here is information that will be required from you (and your co-applicant, if applicable) for your online pre-approval application or if you are coming into the branch to see us.

Cost of Ownership

It is important to know exactly what costs you are going to incur up front and along the way.

Household Budgeting:
Developing an Effective Budget

A budget is a document listing your monthly income and expenses. Follow these few tips and you can build a budget on your own!

Tips on Budgeting

To manage your personal finances with budgeting, the budget itself is not enough – it is imperative you make it work for you.

Your Housing Options

It is important to understand the different types of housing options available to you in your area and the factors you need to consider when you are looking to purchase your home.

You and Your Realtor: Making The Offer

Just as with any other major purchase, buying a home involves comparison shopping with an eye on price, product attributions and quality. Your Realtor can help you find what you are looking for and help you secure the purchase.
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You and Your Lawyer

Buying a home may be the biggest investment you’ll ever make. Your lawyer, realtor and financial advisor work together to protect your investment, prevent surprises and help you work through any problems.

Your Down Payment

When it comes to considering a mortgage, coming up with a plan for a down payment is the best place to start.

Protecting Your Mortgage from the Unexpected

What would you do if you had to sell your home due to a family tragedy such as a job loss, critical illness, sickness, accident or death?

Finding the Synergy Mortgage that's Right for You

We offer a wide range of financing solutions designed to fit your lifestyle.
We realize everyone learns and digests information differently.
Here is a PDF that captures all the great information above, as well as worksheets to help you on your journey of finding your forever home.

Apply online

If you don’t mind entering information on a secure platform and there are two or less applicants, this is a good choice for you.
*Please note, the application cannot be saved once you have started. It's a great idea to check out the "To help you get ready" section below.

Speak to a mortgage specialist

If you prefer to discuss your needs with a specialist, or if there are more than two applicants, this is the best path for you.

What to bring to your appointment

Verification of income

    • Earning statements: T-4 forms, recent pay stubs and tax returns for the last year
    • If you are self-employed: balance sheet and income statement, plus tax returns for the current year and two previous years
    • Additional income: social security, child tax benefit, commission, interest income, and so on


List of assets

    • List of bank accounts and approximate values
    • List of savings bonds, stocks or investments and their approximate market values
    • List of other serial numbered good that you own or hold registration to


List of debts

    • Credit cards and store cards
    • Other consumer debt such as car loans, furniture loans, student loans and other personal or co-signed installment loans
    • Evidence of mortgage and/or rental payments
    • Copies of alimony or child support


Information about the purchase

    • Listing information
    • Copy of purchase contract (if already drawn up)
    • Appraisal on the property (if provided)
    • Information regarding heating costs of the property


Confirmation of down payment

    • If the funds are from cash held at another financial institution, bring a statement to verify
    • If the down payment is a gift from a relative, bring a copy of the gift letter and gift cheque/copy of transfer to the interview. The gift letter states that the money will not have to be repaid. If the down payment is equity in an existing property, bring verification of the market value of the property. This could be a tax assessment or recent appraisal.


Additional items needed if you are looking to build a new home:

    • Financial information
      • Last 3 years of income tax returns
      • Current pay stubs
    • Name of general contractor and/ or subcontractors
    • Name of the builder’s CMHC approved New Home Warranty Program they are enrolled in (and corresponding #)
    • Copy of blueprints and specifications
    • Appraisal, if required
    • Copy of construction contract
    • Actual or estimated cost calculations (cost analysis worksheet)
    • Builder’s insurance (required prior to advances)
    • Replacement value fire insurance (once construction is complete)
    • Water potability test (if CMHC insured or rural property)
    • Information on additional funds for hold backs and interim expenses


Having all of these items on hand when you visit the lender will help speed up the application process and will allow us to meet our 48-hour approval guarantee.

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