Documentation for all Transactions
Employment VerificationNot 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 isintegral 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 andEquity 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
- Charge/Mortgage
- Transfer/Deed
- 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.