First Time Buyer
Everything you need to know about financing your home
Buying your home is often the largest single investment you will ever make. While that can be exciting, it can also be a bit intimidating. You’ll be faced with many options when it comes to financing so the decisions you make should be tailored to your needs and designed to help you save as much money as possible.
This section of the site will show you options and assist you in making well-informed decisions when it comes to financing your home. SCU can provide you with a pre-approved mortgage that pre-qualifies you for a maximum amount. We can also provide you with a guaranteed rate for a set period of time, protecting your agreed upon payment should interest rates rise during this period.
What we’ll need to get started on your pre-approval:
- Verification of employment income: most recent T4, Tax Return and Notice of Assessment, letter from employer, pay stubs
- Verification of additional income: Child Tax Benefit notice, Rental Agreements
- Verification of investment: most recent investment statement
- Verification of down payment: Gift letter, most recent savings statement
Once you’ve found your dream home, you’ll be ready to sign an Offer to Purchase:
- Remember that this is a legally binding contract.
- Even if pre-approved, we recommend that you make your offer subject to approval of financing at SCU.
- In most cases, your realtor will prepare the offer to purchase.
- In some cases (private sale with no realtor involved) you will prepare the offer to purchase. We recommend that you make your offer subject to your solicitor’s approval.
Now that you have an accepted offer to purchase, it’s time to see us again with:
- Cost estimates for any renovations you’re wanting to make immediately
- Solicitor’s name and contact information
Set up a meeting with an SCU Mortgage Specialist who will guide you through the entire process step by step.