Documents, Documents, Documents! What we may need to get the job done.
- Employment letter and most recent pay stub. The employment letter should state how long you have worked at your job, your job title, and salary or hourly wage. If you’re an hourly employee, the letter should guarantee the number of hours worked per week.
- If you have any overtime/ bonuses/ shift differential, or any other income that is NOT guaranteed, the Lender usually requires a 2 year average of T4’s and 2 years Notice of Assessments (NOA’s) for tax returns.
Self-employed for 2 years or more
- 2 years T1 Generals (personal), 2 years NOAs (tax returns) and Company Financial Statements for the most recent year. For more information see our page on Self-Employment.
Self-employed for less than 2 years
- Contact us to discuss which documents will be needed
- Employment letter confirming length of employment, any base salary, plus commissions earned year to date.
- Proof of 2 year’s commissions via T4A’s, year to date pay stub, or NOA
Child Support / Alimony
- copy of separation / divorce agreement confirming payments
Child Tax Credit / universal
- Copy of statements confirming payment amount
- 3 months’ bank statements confirming deposits
Income from Rental Property
- Copy of lease, if you do not have a lease we can get market rents from an appraisal company
Proof of Down Payment
Due the Money Laundering and Terrorist Act of Canada, you are required to provide a full 90 day history of the accounts (savings, chequing, RRSP, mutual funds, etc.) in which your down payment currently is. The source of any deposits over $1000.00 must be proven, excluding payroll.
Your down payment can come from a combination of any of the following examples listed below.
Multiple Bank Accounts
- If your down payment is in multiple accounts (chequing, savings, TFSA etc) we will need a 90 day online print of each bank account including proof of ownership (via VOID cheque or home screen print-off showing name and account number.
- 90 day history of RRSP (online statements work) plus proof the RRSP is being cashed. Note – it is best to wait to have an offer and secured financing in place before cashing the RRSP.
- 2 week print off of bank account showing the previous balance, plus proof of gift deposited into account and balance after gift deposited to account
- Gift letter (provided by our office) filled out and signed by you and person gifting the funds.
Sale of Assets (such as a vehicle)
- 2 week print off of bank account showing the previous balance plus proof of money from sold asset being deposited, and then the balance showing after sale proceeds in account to current date
Sale of Property
- Unconditional sales contract of old property
- Copy of mortgage statement showing current balance to confirm available equity
Borrowed off of a secured or unsecured line of credit
- Copy of statement confirming current balance, credit limit and minimum payments.
- Mortgage statement confirming mortgage balance, payments and property address (or renewal notice)
- Copy of property tax statement
- Copy of leases (if rented)
- Home appraisal
- Signed mortgage application and consent form
- Copy of purchase agreement
- Copy of signed Mortgage approval
- MLS listing – agent detail
- copy of home insurance policy
- Copy of Insurance Application Waiver (MPP)
- Copy of signed Mortgage Borrower Disclosure
- Copy of VOID cheque
- Drivers License or other Government issued Photo ID
- if your down payment is less than 20% of purchase price, we must prove you have enough funds available for closing costs (such as legal fees, home inspection etc.). The amount required is 1.5% of the mortgage amount.
- Lawyer information – including the Firm and Solicitor’s name, address, phone number, fax