TL;DR: getting your **** together ahead of time = #adultingwin (plus lower stress levels for you). Read ahead to get a sense of what will be needed; we'll give you a personalized list at the appropriate time.
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Whether you are looking to purchase your first home, your next home, or your twentieth home, the mortgage documentation needed is often mostly the same. The earlier on in the process you can collect these documents, the better.
As each mortgage is different, the documentation to satisfy each mortgage will vary somewhat. This list is a great place to start, but please know that other documents may be needed depending on your specific application.
When you get to the point in your application that we need any of this information, we will request you to upload it into our secure file portal. You can email these things to us as well.
Letter of Employment
Written on company letterhead with a current date, your letter of employment should have your name, start date, position, and list whether you are full or part-time. It should also indicate your salary or the minimum guaranteed hours/week & hourly rate. The letter should be signed with the best contact information to allow for a verbal confirmation.
Pay stub or direct deposit form
This will confirm your income, and should match what is written on the letter of employment.
If you happen to be self-employed, having two years of financial statements or T1 Generals will be required.
Down payment verification
90 days of bank statements are required to show that you have had the down payment in your possession or have accumulated the funds through payroll deposits. You will want to make sure that your name and account number appear on the statements.
If all or part of the down payment is coming by way of a gift, you will have to provide a letter signed by you and the person gifting the money. The amount written on the gift letter will have to be deposited to your bank and substantiated on the bank statements. This letter is specific to each lender, so we'll give you the right version if this situation applies to you.
If part of your down payment is coming by way of RRSP, you will be required to provide a 90-day history from your RRSP account. If you are using the Home Buyers Plan, there will be an additional form to complete.
Agreement of purchase and sale
If your down payment is coming from the sale of another property, the contract indicating the sale price, and your current mortgage statement will prove the equity to be used for the down payment.
If you are purchasing a property through a Realtor, please have a copy of the MLS listing so we can verify the property details.
Purchase and sale sgreement
If you already have an accepted offer, please provide a copy of the purchase and sales agreement including all amendments and counteroffers.
Property tax bill
Not to be confused with your property assessment, the property tax bill is usually issued in January and is usually due in June of each year. Normally it will say Property Tax Bill on it somewhere, and it will show the amount of property taxes due from your property for the calendar year.
Other information and documents
If you are doing a mortgage refinance, please provide a copy of your current mortgage statement.
For the account that your mortgage payments will be withdrawn from. A pre-authorized debit form works just as well.
If you are separated or divorced, a fully signed and witnessed copy of your separation/divorce agreement will be required. It must address matrimonial real estate, division of assets, and child/spousal support (even if none is being paid). If you do not have an agreement or it is not signed, there are alternative options available on an exception basis. The signed agreement or a court order are the best forms of documentation to provide by far.