How

to

prepare

your

file

for

a

first

home

purchase

Discover the essential steps to maximize your chances of approval and secure the best conditions for your first property in Sorel-Tracy.

Buying your first home is an exciting milestone, especially in the beautiful region of Sorel-Tracy and the Montérégie, where the market offers excellent opportunities for first-time buyers compared to the Greater Montreal area.

However, to make this dream a reality without stress, preparing your mortgage file is crucial. Here is how to ensure your application stands out to lenders.

1. Gather your financial documents

Lenders will want to see a clear picture of your financial health. Prepare your recent pay stubs, employment letters, as well as your notices of assessment (T4 and Relevé 1) for the last two years. If you are self-employed, you will need to provide additional documents demonstrating the stability of your income.

2. Optimize your credit score

Your credit report is your financial business card. Before you even start looking for properties in Contrecoeur or Tracy, check your score. Make sure to pay your bills on time and keep your credit card balances below 30% of your allowed limit.

3. Consolidate your down payment

In Canada, the minimum down payment is 5% for properties under $500,000. Ensure these funds are available and traceable in your bank account for at least 90 days. Also, plan for about 1.5% to 2% of the purchase price for closing costs (notary, welcome tax, etc.).

Ready to take the next step? Our team of partner brokers is available to review your unique situation and provide tailored advice that aligns with your long-term financial goals.