Documentation Required When Obtaining A Mortgage

Required Documentation for your mortgage

Please be prepared to supply the following documents in order to process and underwrite your mortgage loan application. Click here for an easily printable, pdf version of this list!

INCOME VERIFICATION:

IF YOU ARE AN EMPLOYEE:

• Letter from your employer confirming: your position, salary amount (or hourly wage and guaranteed number of hours), and length of employment. It must also have a signature from an individual that can be reached easily by telephone, along with the individual’s contact information
• A copy of a recent pay stub (dated within the last 30 days)
• 2 years Revenue Canada Notice of Assessments*

IF YOU ARE SELF-EMPLOYED OR EARN COMMISSION INCOME:

• 2 years Revenue Canada Notice of Assessments*
• T1 Generals (your complete tax return which was submitted to The Canada Revenue Agency including all schedules. This document is typically 10 pages or longer)
• If your company is incorporated please provide the incorporation documentation/certificate

DOWN PAYMENT CONFIRMATION:

• If your down payment is in the form of cash in a bank account, please provide a 90-day history of your bank account showing the accumulation of funds. These statements must state your account number and name. (If you are printing your bank statements via online banking, please print the initial summary page as it will show your name and account numbers and also print a 90-day history on your bank account). Please note: sources of large or irregular deposits must be explained and verified.
• If your down payment is from investments (RSP, GIC, Stocks etc) please provide a copy of a recent quarterly account statement.
• If your down payment is a gift, provide a copy of a gift letter (I will provide this) and proof that the gift has been deposited into your account (at least 15 days prior to possession).
• If your down payment is coming from the sale of an existing property please include the offer to purchase with all amendments and existing mortgage statement
• If your down payment is coming from the refinance of an existing property/Home Equity Line of Credit please provide your refinance documentation/mortgage statement.
• 1.5% of the purchase price set aside for closing costs

 ADDITIONAL DOCUMENTATION THAT MAY BE REQUIRED:

• A copy of your most recent mortgage statement for your existing property (they are usually mailed out annually, some institutions allow you to print these online depending on their system)
• Separation/Divorce Agreement
• A copy of your most recent property tax notice

*Notice of Assessments: This is a document that is provided by the Canada Revenue Agency every year after you submit your tax return. It confirms the income filed and shows taxes owing, paid or refunded.