MORTGAGE INFORMATION

Prior to starting your home buying search it is important to be pre-approved to accurately measure how much house you can afford. This will allow you to write an offer with confidence, when the perfect home becomes available.

 

When applying for a new mortgage, financing or porting your current mortgage it is important to have the necessary documents to provide to your mortgage broker or lender.

 

Having these documents ready can help the process move along quickly and smoothly. Having these documents ready can help the process move along quickly and smoothly. Here’s a quick checklist of items to be prepared.

Getting Mortgage-Ready

GOVERNMENT ISSUED I.D. SECOND PIECE OF I.D.

 

• Passport, drivers licence, etc.

 

• Credit Card

LETTER OF EMPLOYMENT 

 
• Outlining position, start date, no probation, rate & type of pay and employer contact info.
 

RECENT PAY STUBS 

 

• Showing year to date earnings.

 

 

 

 

NOTICE OF ASSESSMENTS 

 

• Two years of Notice of Assessments, T4s or T1s may also be required.

 

• If applicable, documents p providing SELF-EMPLOYMENT status.

BANK STATEMENTS 

 
• 90 days showing transactions and sources of large deposits.

GIFT LETTER

 

• Signed by giftor & giftee and proof of deposit funds.
 

PROOF OF DEBT & LIABILITIES

 

• Car loans, student loans, liens, child support etc.

 

PROOF OF SALE (EXISTING)

 
• Proof of sale of existing home (purchase contract and condition waiver)

PROOF OF SALE (NEW)

 

• Builder details of new home.

 

• Signed Purchase Agreement of new property.

LAWYER INFORMATION

 

• Your lawyer's contact details are needed to handle legal documents and fund transfers.

 

 

VOID CHEQUE 

 
• Used to set up automatic mortgage payments from your bank account.
 
One thing that remains the same is, the mortgage rules are always changing!