The Mortgage Process

Items I need from you when it comes to the Mortgage Process

This list should be considered a general guideline based on most lender requirements. Lenders may require additional documentation based on each deal type.

STANDARD RESIDENTIAL PROPERTIES

Property information

• Purchase and sale agreement, including any waivers and a copy of the MLS Listing (If a New Purchase)
• Copy of existing mortgage and the property taxes (if a Refinance)
• Appraisal
• Contact information for your Solicitor, including name, firm name, address, telephone number and fax number

Down payment information (if applicable)

• Savings or investment statements for the last 90 days
• Copy of sale agreement on an existing property
• Gift letter with a copy of the donor’s bank statement demonstrating the source of gift

Employment verification

• Letter of employment (Full-Time/Part-Time, Position, Start-Date, Rate of Pay, Guaranteed Minimal Hours or Salary)
• Most recent payslip
• Notice of Assessment (NOAs) and T4s from the most recent 2 years

* Mortgage applications for rental properties, Business for Self and bridge financing or clients who have experienced a recent bankruptcy require the documents outlined above plus the following additional documents as applicable:

RENTAL PROPERTIES

• Most recent T1 General, including Statement of Real Estate Rentals (T776), and corresponding NOA to confirm rent received

OR

• At least 2 of the following documents:

• Lease signed by both parties or tenant acknowledgement
• Proof of rent deposits into the borrower’s bank account for the 3 most recent months
• Fair market rent from a Bank-approved appraiser.

OR

• If the property is not yet rented, fair market rent from a Bank-approved appraiser and confirmation of equivalent of 3 months of rent in liquid assets

BUSINESS FOR SELF (BFS)

• HST Registration

• Articles of Incorporation, plus 2 years of financial statements (incorporated only)

• Business License number

BFS BUSINESS BANK STATEMENT PROGRAM

• 6 months of most recent business bank statements

• Self-declared income and expense letter.

• Evidence of business existence for at least 2 years.

BRIDGE FINANCING

• Firm purchase and sale agreement

• Mortgage statement for the property being sold

CLIENT BANKRUPTCY IN THE LAST 7 YEARS

• Bankruptcy or consumer proposal documents

• 12 months of mortgage payment history