Thinking of Buying a Home in Vancouver?

Posted by Liliana Sorescu on Monday, July 22nd, 2013 at 5:21pm.

Begin now to document your income.
 
Among the things that can happen to prevent your  home purchase from closing, lack of asset documentation tops the list.
 
Banks have always wanted to know that the money you brought to closing was not borrowed from a credit card, a friend or a relative. Now the rules are even stricter.
 
So as you begin to think of home ownership here in Vancouver begin documenting.
 
If you deposit your paycheck, keep the deposit slip with the pay stub, and keep them both with your bank statement. If you sell something, keep a copy of the bill of sale, with the buyer's name and address. If you work in a job that involves tips, keep careful records of the dates and amounts. If you sell on eBay or some other on-line site, print out your sales verifications.
 
Then, keep all that documentation, including your bank statements, where you can find it easily when your mortgage lender calls for it. You'll speed up your loan process and increase the odds of a successful home purchase.
 
If your loan type allows for gift funds, you must document the gift by showing it coming out of your donor's account and into yours. And unless the gift-givers money was "seasoned" (more than 90 days in the account) they might have to document its source.
 
Also be aware that unless both partners in a marriage will be listed on the loan documents, at least a portion of the money must "belong" to the spouse who is listed. If your partner has a separate bank account, any contribution from his or her account will be considered a gift.
 
If your spouse won't be on the mortgage loan but will contribute funds from his or her separate account, transfer those funds to your account or a joint account at least 90 days before your loan is due to close.
 
Pre-planning for the purchase of your new home in Vancouver will help the whole process go more smoothly and quickly, so begin documenting today.
 
And when you're ready to begin previewing homes, get in touch!

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