Synergy CU Home Handbook

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.