Below is the list of documents required when applying for a mortgage

NEW HOME PURCHASE 


Proof of Downpayment:
  • Lenders are required to verify that your downpayment is coming from your own funds or gifted by family. In order to verify this, lenders will request either:
  • 3 months worth of bank statements showing the funds in your bank account (they must be in your account for a minimum of 3 months)
  • Letter from a family member confirming that the downpayment is gifted to you. Family is usually a mother, father or sibling.
  • Sale agreement if the funds are coming from the sale of a property you own
MLS Listing
  • The MLS listing of the property if listed on MLS
Signed Purchase Agreement
  • Signed Agreement of Purchase and Sale, including all schedules, with conditions waived
Identification
  • 2 pieces of government issued photo ID such as Drivers License or Passport. Health cards can not be used.
FOR INCOME:
Income Verification – Full-Time Employee
  • Most recent pay stub along with the bank statement showing the deposit
  • Employment Letter on company letterhead stating full-time, position, start date, guaranteed salary and hours, employer contact information
  • If you also earn bonuses, commissions, extra pay, or on contract add 2 years of Notice of Assessment (NOA) from CRA
Additional OR Other Income Types
  • If you earn rental income, a copy of each lease in addition to 2 years NOA and T1 General
  • If you earn Alimony or child support copy of the separation agreement showing support
  • Maternity leave please ensure your job letter shows the return date and salary upon return
  • Permanent disability provide letter from insurer stating ‘guaranteed until 65’ disability payments
Income Verification – Business For Self
  • The most recent 2 Years Personal (Notice of Assessment) NOA
  • 2 years T1 General
  • Business license, articles of incorporation, business registration HST return may be suitable (whichever applies to your business type)

REFINANCE 


Current Home Information
  • Date purchased, purchased price & initial mortgage amount
  • Recent property tax bill showing current annual taxes
  • Recent mortgage statement showing this information (usually found on current mortgage statement)
  • Current lender(s) and mortgage number
  • Balance owing on current mortgage
  • Type of mortgage
  • Rate charged (discount if applicable)
  • Payment amount and schedule (monthly, bi-weekly, bi-monthly)
  • Term, amortization & maturity date
Proof of Downpayment:
  • Lenders are required to verify that your downpayment is coming from your own funds or gifted by family. In order to verify this, lenders will request either:
  • 3 months worth of bank statements showing the funds in your bank account (they must be in your account for a minimum of 3 months)
  • Letter from a family member confirming that the downpayment is gifted to you. Family is usually a mother, father or sibling.
  • Sale agreement if the funds are coming from the sale of a property you own
MLS Listing
  • The MLS listing of the property if listed on MLS
Signed Purchase Agreement
  • Signed Agreement of Purchase and Sale, including all schedules, with conditions waived
Identification
  • 2 pieces of government issued photo ID such as Drivers License or Passport. Health cards can not be used.
FOR INCOME:
Income Verification – Full-Time Employee
  • Most recent pay stub along with the bank statement showing the deposit
  • Employment Letter on company letterhead stating full-time, position, start date, guaranteed salary and hours, employer contact information
  • If you also earn bonuses, commissions, extra pay, or on contract add 2 years of Notice of Assessment (NOA) from CRA
Additional OR Other Income Types
  • If you earn rental income, a copy of each lease in addition to 2 years NOA and T1 General
  • If you earn Alimony or child support copy of the separation agreement showing support
  • Maternity leave please ensure your job letter shows the return date and salary upon return
  • Permanent disability provide letter from insurer stating ‘guaranteed until 65’ disability payments
Income Verification – Business For Self
  • The most recent 2 Years Personal (Notice of Assessment) NOA
  • 2 years T1 General
  • Business license, articles of incorporation, business registration HST return may be suitable (whichever applies to your business type)

Ensuring hassle-free closings:

Switch – Submission 45 days in advance – ‘File Complete’ 30 days prior to maturity

Refinance – 10 business days for review, 30 days to fund from date of submission

Purchase (no conditions) 5-10 business days for review – ‘File Complete‘ 15 days prior to funding

Purchase (with conditions) 3-5 business days for review – ‘File Complete‘ 15 days prior to funding