Mortgage lenders love paper. There are a number of documents that you’ll need when applying for a mortgage, but by knowing them right out of the gate, its much easier – and less of a shock – to gather everything up.
The basic checklist changes depending on if you’re purchasing, or renewing/refinancing. Let’s start with purchases:
CONFIRMATION OF IDENTITY
– Photocopies of two pieces of identification (eg. Driving license, passport) – must be current (not expired)
CONFIRMATION OF EMPLOYMENT
– Job letter, on employer’s letterhead showing; position, length of employment, amount of gross income and future prospects (sample attached)
CONFIRMATION OF INCOME
– 2 years T-4 slips (or page of Tax Returns that shows income) and one current pay stub
– Copy of most recent Notice of Assessment confirming any/no tax balances owing
CONFIRMATION OF DOWN PAYMENT
– Photocopy of monthly statement for the bank account the down payment is coming from, showing applicant’s name(s) and account number. Statements should be for recent three months, showing orderly accumulation of funds, if internet printouts are provided, your name and account number must be on the document to confirm ownership.
– Recent copy of R.R.S.P. statements
– Gift letter indicating down payment is a gift and non-repayable
NOTE: Some lenders require confirmation that the gifted funds are in the mortgage borrowers bank account prior to issuing the final approval.
– Copy of Contract of Purchase and Sale for present home
– Copy of mortgage statement showing total payout balance as of new completion date
For Renewals/Refinances, the list is much of the same, with the exception that you must have a copy of a recent mortgage statement showing the total payout balance, as well as a copy of your local tax statement showing that your property taxes are paid and up to date.
The list may seem overwhelming at first, but the good news is that your mortgage agent can start on your application while you begin to gather everything. And if you have any questions, your mortgage agent will help guide you through the whole process.
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