Applying for a mortgage? If these apply to you start gathering them now to make for a smoother mortgage application.
Income
Employee
Job Letter from Employer - on company letter head, states your position, tenure, salary or hourly wage, guaranteed hours, any bonus component and signed off with contact number for confirmation
Pay stub - most recent pay stub within the last 30 days
T4 - most recent two years required if you earn overtime, bonus, or commission income along with pension income or are on contract
Self-Employed, Commission, Contract
T1 General - most recent two years personal returns, all pages including Statement of Business Activities and Real Estate Rentals if applicable
Notice of Assessments - most recent 2 years and if any income taxes owing confirmation they have been paid in full
Business
Articles of incorporation - all pages including certificate of incorporation, registrar of directors and current share structure
Articles of Amendment - if any changes since incorporation
Financial statements - most recent two years prepared by an accountant
Real Estate (already owned)
Property tax notice - most recent year
Mortgage - most recent mortgage and/or HELOC statement showing property address, balance, limit, rate, payment amount
Strata fee - most recent AGM to confirm payment amount
Rental income - all pages of current tenancy agreement
Down Payment / Assets
Own savings - 90 day history of bank statements confirming name and balance (chequing, savings, non-registered investments, TFSA, RRSP)
Sale of property - contract of sale including subject removal, confirmation of deposit into your account or confirmation via solicitor for net sale amount to be deposited
Borrowed - line of credit statement to confirm name, limit, balance, rate
Gift - each lender has it’s own gift letter that will be provided to be signed, confirmation of deposit to your account
Real Estate (property being purchased)
*your realtor will assist here
Contract of Purchase and Sale - all pages signed by all parties
MLS listing - if a private sale the name and contact of the sellers solicitor
Property Condition Disclosure Statement - all pages signed by all parties
Form B - strata property only
Depreciation Report - if noted on Form B as available
Annual General Meeting Minutes - most recent two years
Other
Identification - two pieces of government issued ID, front and back
Separation agreement - all pages to confirm receipt of or payment for child or spousal support