Documentation for all Transactions
Employment Verification Not all lenders have the same requirements for documentation, however, the following lists out the documents that are usually mandatory and need to be provided:
- Photo ID
- Job Letter / Letter of Employment
- Pay Stubs
- Bank Statements
- T4 (T4A for commissioned employees)
- Notice of Assessment (NOA)
- T1 General / Tax Return
For a self-employed individual the following may be required:
Photo Identification - Your security is integral to us. We require a Photo ID to confirm the identity of the applicant (borrower). Lenders will have this as a requirement.
Divorce/Separation Agreement (if applicable) - The Divorce/Separation Agreement overviews the terms and conditions of the divorce or separation. It will usually include any payments required for alimony.
Child Support Order/Agreement (if applicable) - The Child Support Order/Agreement overviews the terms of conditions of child support. This includes any required payments.
Specific Documentation for a Purchase
List of documentation that is usually required when a borrower is purchasing a home:
- Agreement of Purchase and Sale
- MLS Listing
- Proof of Down payment
- Rental Letter (if applicable)
- Real estate salesperson Information (name, contact info and brokerage)
Documentation for a Refinance, Switch and Equity take-Out
List of documentation that is usually required when a client is refinancing his or her current mortgage, taking equity out of his or her property or switching lenders on renewal:
- Current mortgage statement
- Tax Bill / Property tax statement
- Property insurance policy
- Mortgage repayment history (if applicable, 12-24 months of payments)
Other Potential Documentation
- Gift Letter
- Property Assessment
- Condominium Status Certificate (Formerly called the Estoppel Certificate)
- Certificate of Independent Legal Advice (ILA)
- Creditor Insurance Application
Proof of Insurance - Home and fire insurance policy is needed before you meet with your lawyer to close your mortgage.