Documents Needed

Sometimes documents can be very specific to your application. This is a guide below based on your job status, down payment requirement and other possible paperwork that may be requested.

 

INCOME

 

Employment LawIf you are Employed:

1. Employment letter and most recent pay stub:

  • Letters should state how long you have worked at your job
  • Your job title
  • Salary or hourly wage
  • If you are hourly, the letter should reflect the numbers of hours worked per week.

2. If you have overtime/bonuses/shift differential or any income that is not guaranteed:

  • T4’s
  • 2 years Notice of Assessments (tax returns)

3. If you are on Maternity leave we can use your going back to work income.

  • Employment letter confirming date you are returning
  • Letter should include your income

 

user-icon-512If you are Self Employed :

1. Self employed for 2 years or longer

  • 2 years T1 Generals (personal)
  • 2 years Notice of Assessments (tax returns), and company Financial Statements for the most recent year

2. Self employed for less than 2 years

  • Specific documents will be required

3. Commissioned Sales

  • Employment letter confirming length of employment
  • Any base salary
  • Commission earned year to date

4. Child Support or Alimony

  • Copy of Separation
  • Divorce agreement confirming payments

5. Child Tax Credit/ Universal

  • Copy of statements confirming payment amounts
  • 3 month bank statements confirming deposits

6. Income from Rental property

  • Copy of leases

 

 DOWNPAYMENT

1. 90 day history of your bank account or accounts in which your down payment currently is coming from (it can include a combination of any example below)

  • Savings, chequing, RRSP, Mutual funds etc
  • Deposits over $1000.00 excluding payroll must be proven – the source of the funds must be explainable due to the Money laundering and Terrorist Act
  • A print of each bank account and account ownership will be required
  • If electronic  – a home screen print showing name and account #

2. If a portion of the downpayment was a gift

  • Proof of gift deposited into account
  • We can provide you with a letter that will be required to be signed by you and the person gifting you the funds

3. Sale of an Asset (like a vehicle)

  • 2 week print off of bank account showing the previous balance
  • Proof of sold asset deposited into your account
  • Print of the balance after the sale proceeds have been deposited
  • Proof of ownership of asset and sales contract

4. Sale of a Property (Bridge Financing is Available)

  • Unconditional sales contract of old property
  • Copy of mortgage statement showing current balance to confirm equity available

5. Borrowed off of a Secured or unsecured line of Credit / Loan.

  • Copy of statement confirming current balance, credit limit and minimum payments

6. Existing property

  • Mortgage statement confirming mortgage balance, payments and property address
  • Copy of property tax statement
  • Copy of leases (if rented)

 

CLOSING COST

With less than 20% down we must prove you have enough funds available for closing costs.

  • We can use a letter from the lawyer confirming legal fees or
  • 1.5% of the mortgage amount
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