I WOULD LIKE TO:
Mortgage Supporting Documents
There have been many changes in the mortgage industry in Canada since the begining of the economic slow down in 2008. For this reason Lenders and Mortgage Default Insurers are requiring more supporting documents prior to approving your final mortgage application. It is best to gather as much documentation upfront as possible to ensure a smooth and accurate mortgage process. The following are examples of documents that may be requested to support your mortgage application. Identification Two pieces of identification are required to check your credit report. One must be Government issued photo identification. Application Consent Form In order to check you credit report a signed consent form is required. Credit Documentation Lenders will require a copy of your credit report (provided by the mortgage expert) and any credit supporting documents that may need to accompany the credit report such as credit card statements, proof of collections being settled and additional non-reporting credit account statements. Down Payment Confirmation Lenders will require documents to support the source of the funds that will be used for your down payment and closing costs. Generally 90 days of bank statements and RRSP statements will be required to confirm personal savings. If the down payment is a gift then a gift letter will be required. And if the funds are from the sale of an existing property then the sale contracts will be required along with the current mortgage statements for the property being sold. Employment Income Confirmation The type of income confirmation will vary depending on your employment circumstances. Examples of income documentation are pay stubs, employment letters, two years of T-1 general tax returns, two years of CRA Income Notice of Assessments and pension deposit statements. Self-Employment Income Confirmation Typical self-employed income confirmation will be two years of T-1 general tax returns, two years of CRA Income Notice of Assessments, financial statements, gst returns, business licenses and more. Rental Income Confirmation Lenders may require current lease agreements, Statement of Real Estate Rentals from your tax return, and/or an Economic Rents Appraisal Existing Property Documentation Current mortgage statements, property tax statements along with payment confirmation, and if the subject property is a strata condominium then a completed Form B and depreciation report will be required from the properties strata management. Subject Property Documentation If you are purchasing a home then you will be required to provide the Contract of Purchase and Sale, the Property Disclosure Statement and any other document relating to the home purchase. If refinancing your current property tax information and current mortgage statements are examples of required documents. Divorce Documentation If you are divorced or getting a divorce a copy of your separation agreement may be required to prove alimony and support obligations. If you do not have one please contact us for other possible options. Child Support Documentation If you receive or pay child support a copy of the agreement along with bank statements to show the payments may be required. If you receive CTC or UCCB the CRA statement may be required. Other Documentation Each application is unique and a lender may request additional documents as required.
I WOULD LIKE TO:
Licensed Sub Mortgage Broker with Dominion Lending Centres
Integrity Mortgage BC, © Copyright, Dominion Lending Centres Inc.
Each Office Independently Owned and Operated
Mortgage Supporting
Documents
There have been many changes in the mortgage industry in Canada since the begining of the economic slow down in 2008. For this reason Lenders and Mortgage Default Insurers are requiring more supporting documents prior to approving your final mortgage application. It is best to gather as much documentation upfront as possible to ensure a smooth and accurate mortgage process. The following are examples of documents that may be requested to support your mortgage application. Identification Two pieces of identification are required to check your credit report. One must be Government issued photo identification. Application Consent Form In order to check you credit report a signed consent form is required. Credit Documentation Lenders will require a copy of your credit report (provided by the mortgage expert) and any credit supporting documents that may need to accompany the credit report such as credit card statements, proof of collections being settled and additional non-reporting credit account statements. Down Payment Confirmation Lenders will require documents to support the source of the funds that will be used for your down payment and closing costs. Generally 90 days of bank statements and RRSP statements will be required to confirm personal savings. If the down payment is a gift then a gift letter will be required. And if the funds are from the sale of an existing property then the sale contracts will be required along with the current mortgage statements for the property being sold. Employment Income Confirmation The type of income confirmation will vary depending on your employment circumstances. Examples of income documentation are pay stubs, employment letters, two years of T-1 general tax returns, two years of CRA Income Notice of Assessments and pension deposit statements. Self-Employment Income Confirmation Typical self-employed income confirmation will be two years of T-1 general tax returns, two years of CRA Income Notice of Assessments, financial statements, gst returns, business licenses and more. Rental Income Confirmation Lenders may require current lease agreements, Statement of Real Estate Rentals from your tax return, and/or an Economic Rents Appraisal Existing Property Documentation Current mortgage statements, property tax statements along with payment confirmation, and if the subject property is a strata condominium then a completed Form B and depreciation report will be required from the properties strata management. Subject Property Documentation If you are purchasing a home then you will be required to provide the Contract of Purchase and Sale, the Property Disclosure Statement and any other document relating to the home purchase. If refinancing your current property tax information and current mortgage statements are examples of required documents. Divorce Documentation If you are divorced or getting a divorce a copy of your separation agreement may be required to prove alimony and support obligations. If you do not have one please contact us for other possible options. Child Support Documentation If you receive or pay child support a copy of the agreement along with bank statements to show the payments may be required. If you receive CTC or UCCB the CRA statement may be required. Other Documentation Each application is unique and a lender may request additional documents as required.
