RESOURCE

The following checklist outlines the potential documentation required to properly support each applicant’s Mortgage Application. Please ensure you provide all applicable documentation outlined below based on each applicant’s current situation, with the completed application.

Standard Application Documentation

* CML Client Consent Agreement [Included with the CML Application Package]

* Government Photo ID [Driver’s License is the most common]

* Status Card / Residency Permit [Required for applicants who are not a Canadian Citizen]

Income Documentation

Each applicant will need to provide all applicable income documentation relevant to their employment and/or income circumstances. This is a critical condition for any mortgage so please provide all applicable income documentation upfront prior to us submitting the application to a lender.

Salaried, Commissioned & Hourly Income

* Employment Letter

Must be on company letterhead with an authorized signature and  include your name, position, tenure, employment status (FT or PT) and income. If you are paid hourly, please have your employer outline the guaranteed hours you work per week.

* Pay Stub

Please provide your last two most recent pay stubs showing the pay period information as well as the year to date income information.                               

* T4 or T4A Statements

Please provide your last two years statements if you are salaried   and receive any type of additional income such as bonuses, you are paid hourly or receive commissions of any kind. 

Self-Employed Income

* T1 Generals & ALL Schedules & Notice of Assessments

Please provide the last two years of your filed T1 Generals & ALL Schedules as well as their corresponding Notice of Assessments (NOA)

* Company Financials

If your company is incorporated, please provide the last two years of accountant prepared company financials, It must include a Table of Contents and the Notice to Reader.

* Articles of Incorporation

If the company is incorporated, please provide the company’s Articles of Incorporation outlining the ownership of the company.

Other Income Sources

* Pension or Investment Income

If you are receiving any pension or investment income such as CPP, OAS, RIF, Disability or any other type of income not previously mentioned, please provide the applicable statements confirming such income. Applicable statements would include T3, T5, Pension Stubs, etc. If any of this income is received through a direct deposit, please provide your most recent bank statement confirming the deposit. Ensure the bank statement provides the institution’s name along with the account owner’s name and address

* Canada Child Benefit

If you receive Canada Child Benefits (CCB) from the Government of Canada and wish to use these benefits as qualifying income within your mortgage application, please provide your most recent CCB Statement and the Birth Certificates of all children falling under this benefit. CCB is not considered by all lenders and those that do accept CCB generally have certain parameters in accepting this as income.

* Rental Income

If you currently own one or more rental properties, please provide the following for each rental property:

Lease Agreements; Mortgage Statement; Property Tax Bill; Condo Fee Confirmation [if applicable]; Last Two Years T1 General Tax Returns, including ALL Schedules that consists of the Statement of Real Estate Rentals

NOTE: If you have an income source that is not noted above, such as Alimony/Child Support, EI Benefit for Maternity Leave, please contact your CML Mortgage Professional to further discuss and clarify documentation required.

Down Payment Documentation

The down payment documentation is another critical condition for lenders due to Canadian Anti-Money Laundering Legislation. Please provide all applicable documentation to support the source(s) of your down payment.

* Personal Cash Savings

Please provide the last 90 Days of Savings History. The Bank Statements demonstrating savings accumulation must be with a Canadian Financial Institution. The Bank Statements and/or Transaction History provided must also include the Account Owners' Name, Account Number and Institution Name.

* Personal Investments

Please provide the last 90 Day Investment History. The Investment Statements demonstrating investment accumulation must be with a Canadian Financial Institution. Examples of Personal Investments are RRSP, Mutual Funds, Stocks, TFSA. The Bank Statements and/or Transaction History provided must include the Account Owners’ Name, Account Number and Institution Name.

* Gifted Down Payment

If any aspect of your down payment is being gifted, please advise who is gifting the down payment and how much. Further documentation requirements will be provided to you once the mortgage has been Conditionally Approved. Gifted down payments are only acceptable from immediate family. Immediate Family is considered as being Parents, Siblings or Grand Parents.

* Home Buyers’ Plan (HBP)

If you are a First-Time Home Buyer (FTHB), you are allowed to withdraw up to $35,000 in a calendar year from your Registered Retirement Savings Plan (RRSP) to buy or build a qualifying home. For further information regarding the HBP Program, Click Here

* FTHB Incentive Plan

If you are a First-Time Home Buyer (FTHB), you may be interested in exploring the First-Time Home Buyer Incentive Program (FTHBIC).

If you wish to use this program please advise us up front. For further information regarding this Government Program, Click Here.

Subject Property Documentation

If you already have an Accepted Purchase Agreement for the property you are buying whether an existing home or a new build, please provide the applicable documentation as outlined below. If you do not have an Accepted Purchase Agreement, the documents below will be required once you do.

* MLS Listing

Please provide the MLS Listing (Realtor’s Version) for the property you are purchasing. The MLS Listing also includes a picture of the home as well as all details of the home and property. If the property you are purchasing is being so via a Private Sale or a Rent-to-Own, please advise as there is a manual Feature Sheet that will be required and there will be an appraisal required. Further details will be provided.

* Purchase Agreement

Please provide the Accepted and fully Executed Purchase Agreement, including ALL applicable schedules and amendments. This is the contract that legally demonstrates that your offer to purchase the property has been accepted by the seller and details the amount of the purchase, the condition date, the closing date as well as other relevant information. A “Rent-to-Own” purchase would require a copy of the original legal agreement that was completed when the “Rent-to-Own” first began.

* Builder Documents

If you are purchasing a new home through a Home Builder, please provide the following:

• Floor Plans
• Builder Representative Contact Information.
• Purchase Agreement & ALL Schedules
• Specs & Drawings

If you are doing a Self-Build and/or need a Construction Mortgage, please advise us immediately so the proper Construction Mortgage Schedules can be provided to you so they may be completed and returned as quickly as possible.

Every Home Purchase is independently different, so the documents mentioned above are the most common and other documentation may be required upfront or requested during the process. Your CML Mortgage Professional will advise you further if this is the case and outline what additional documentation is needed.

Thank you for the opportunity to work together in order to secure your mortgage financing requirements.