Mortgage Documentation

By Connie Graham and Briana Hennigan |

Best Mortgage Broker Edmonton

In order to process your mortgage application, the following documentation will be required by the lender:

PROOF OF INCOME

INCOME (hourly or salaried position)

  • Employment letter confirming minimum hourly wage/salary, position and tenure. Letters must be on the letterhead and signed by an authorized person with contact information
  • 2 Recent pays tubs
  • Previous year T4 or Notice of Assessment (NOA)
  • If your income includes any overtime, bonus or commission income, please provide 2 most recent years Notice of Assessment (NOA) and 2 most recent years T4’s

SELF EMPLOYED

  • T1 Generals, 2 most recent years (full package)
  • Notice of Assessments (NOA), 2 most recent years with proof income taxes paid in full

*If Incorporated:

  • Company Financial statements, 2 most recent years
  • Incorporation Certificate

DOWN PAYMENT AND CLOSING VERIFICATION

(Internet statements OK but must show account ownership)

CHEQUING, SAVINGS, TFSA, RRSP, ANY OTHER INVESTMENT ACCOUNTS

  • 90 days history ( 3 months ) of Savings accounts showing accumulated savings and balance in account, if funds are transferred between accounts, please provide 90 days history for all accounts involved. Deposits of over $ 1000 other than payroll deposits must be explained

GIFT

  • Completed gift letter (broker to provide) if any portion of the downpayment is gifted
  • Proof of deposit of gifted funds in your account via bank statement which shows deposit transaction and balance in account

OTHER

  • Any other source of downpayment, please discuss with your broker

ONCE YOU HAVE MADE AN OFFER

  • Completed purchase contract
  • MLS data sheet (property feature sheet)
  • Copy of Photo ID with home address (a good picture from your smartphone will work)
  • Void cheque or Pre-Authorized Debit form for account you’d like mortgage payments drawn
  • Name of the lawyer you’d like to use for your purchase (ask for a recommendation)

IF YOU OWN ANY OTHER PROPERTY, PLEASE PROVIDE:

  • Recent mortgage and/or line of credit statements
  • Recent property tax assessment notices
  • Lease agreements, if property is rented
  • Completed sale contract (if property is sold)

ADDITIONAL DOCUMENTATION MAY BE REQUIRED BY THE LENDER.

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