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Paperwork Required for your Mortgage Application
Reduce your stress by gathering all documentation required ahead of time. Being ready will relieve you mentally and free you up to concentrate on last-minute details.
1. Identification: 2 pieces of ID (one must be photo ID, typically Drivers License)
2. Employment details: Proof of income, T4 slips, copies of your last 3 paystubs, T1 generals (personal income tax returns), years Notice of Assessments, employment letter from your company stating position, length of service and salary.
3. Self-employed: Talk to your accountant or bookkeeper for these reports. Incorporation documents, if applicable, financial statements of the corporation for the last two to three tax years, full personal tax returns, Notice of Assessments for both the corporation and personally, Lender may also ask to see portions of your books, such as General Ledger or Profit & Loss statements.
4. Other sources of income: Pension, rental income, part-time work, etc. You’ll probably be asked for copies of your tax returns, or copies of paystubs or rental income documentation.
5. Already own property?: Copy of the mortgage statement on your current property, copy of last year’s property tax statement, this year’s up-to-date property tax statement.
6. Current banking information: Including bank, branch, accounts and balances.
7. Verification of down payment: Bank account statement where money is currently deposited or a letter from a family member stating that the money is a loan or gift.
8. Consent to credit history search: Sign an authorization form allowing them to pull your credit history.
9. List of debts (otherwise known as liabilities) and List of Assets: Provide a list of what is owed, to whom you owe it to and what monthly payments, if any, you put towards paying down the debt, List should include student loans, credit card balances, car loans, monthly lease (or lease-to-own) arrangements and personal loans, lines of credit. Provide a list of everything you own, savings, investments, properties, etc... anything that shows your personal and business worth.
10. Copy of the listing: MLS listing and include this in your mortgage documentation package.
11. Copy of purchase document: The Purchase and Sale Agreement, signed document that states the address, what’s included/excluded and the price, deposit and down-payment you agreed to.
12. Condo or Townhome documentation: Condo corporation’s financial statements and status certificates.
13. Rural property: Certificate for the well and/or septic tank if you’re property isn’t on municipal water and sewer.
14. Multi-Residential/Commercial/Industrial/Builder: Typically lenders need to know more about the borrower ie. business structure, bio, etc., property i.e. appraisal, environmental test, etc., and project i.e. business plan, financials, etc.
This list is subject to change at any time and subject to individual Lender requirements.
Financing based On Approved Credit.
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