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      Documents

      Documents for your Mortgage Broker

      Step 1 -Occupational income
      Most people fall into 1 of 2categories, hourly and salary employees or other (business owner, self employed, commission based, seasonal) We need to obtain the required documents for your applicable situation.

      Hourly or Salary Employees

      Previous 2 years T4’s

      • T4’s state your earnings for the year
      • These are sent out by your employer to you, if you can not find them your accountant will have copies

      Previous 2years Notice of Assessment

      • NOA’s are like the receipt you get.from the government after you file your taxes
      • You were likely mailed a copy but if you can’t find them your accountant will have a copy on file

      3 most recent pay stubs

      • These can be obtained from your employer
      • Most recent pay stub should have year to date earnings

      Letter of Employment from Employer

      • Letter needs to state your job title, start date, guaranteed minimum rate of pay, employer contact information.
      • LOE’s are best on company letterhead
      • Include any relevant information in regards to overtime, commissions, or bonuses

      Other – Self Employed, Commission Based or Seasonal

      Previous 2 years Notice of Assessment

      • NOA’s are the receipt you get from the government after you file your taxes
      • You were likely mailed a copy but if you can’t find them your accountant will have copies on file

      Previous 2 years full T1 Generals

      • This is your full tax return that you send in, its is likely mailed back to you, or you should have retained a copy. In most cases an email to your accountant is all that is needed because he/she has it all on file.

      Step 2 – Other Income Documents

      Now that we have your employment income taken care of, we need documentation of any other income you have so we can properly build your file to get you the best mortgage possible. Please provide any that pertain to you.

      Rental Income

      • Copy of lease agreement or proof of rent deposit
      • Proof of market rents if property is a.first time rental
      • Copy of most recent. T1 General (we already asked for this if you’re self employed; see above)

      Alimony/Child Support

      • Copy of separation agreement stating amount payable and/or deposit history

      Child Care Benefit

      • RC62 CRA benefit statement, this is mailed to you, however your accountant should have copies
      • Proof of child/children’s age may be required (birth certificate, passport, MB health card)

      Step 3 — Down Payment Verification

      ***If you are not buying anew property and only wishing to switch lenders and/or refinance skip to step 4***

      In addition to verifying your income, any Lender we end up going with will want proof of funds being used as your down payment on your mortgage. Listing all your assets (property, investments, vehicles, etc) on the application helps build your case, however, in most instances only the funds you are using for down payment need proof.

      If you are using the SALE OF EXISTING PROPERTY for down payment we will need

      • Contract of Purchase andSale including waivers (your realtor can get us all this)
      • Current Mortgage Statement (attainable from current lender if you don’t have it)
      • Most recent property tax statement (attainable from local tax authority)

      If you are using CASH SAVING OR INVESTMENTS for down payment we will need

      • 3months of statements showing the funds in your account, clearly stating your name and institution name

      *** funds showing up in your account in that 3 months will be allowed but may need explained. Example: You sell your snowmobile for $9000 a month ago, in this case we would need a bill of sale and the funds would be acceptable. This would prove it’s not a gift to be repaid.

      If you are using GIFTED MONEY for down payment we will need

      • Gift letter, signed by both gift or and giftee stating that the funds do not need to be repaid
      • Bank statement showing funds a minimum of 15 days prior to closing

      ***We DO NOT need Down Payment Verification for a pre-approval***

      *** We WILL need Down Payment Verification when you choose a property***

      Step 4 — Other things that will be needed or helpful

      Please provide what applies to you

      • Lawyer and Realtor contact information
      • MLS Listing
      • Void Cheque or Pre Authorized Debit Form