In order to process your mortgage application, there are several pieces of required documentation you will need to provide to satisfy the Lender’s requirements.
Proof of Income
- Employment confirmation letter
- If paid salary, confirm your salary amount and length of employment
- If paid hourly, confirm your hourly wage, number of hours worked per week and length of employment
- A current pay stub
- A T4 or *Notice of Assessment
Commissioned or Self-Employed Individuals:
- Two years of financial statements
- Two years of *Notices of Assessment
- Two years of T1 Generals with a Statement of Business Activities
Down Payment Verification
Keep in mind that if you are paying less than 20 percent down on your mortgage, CMHC, Genworth and Canada Guaranty generally do not allow a down payment to be borrowed. You will need to provide:
- Three full months of bank statements if your down payment is from savings in your bank account. The statements must include your account number and name so that the Lender can confirm ownership of the account.
- Three full months of investment statements if your down payment is from investments such as RRSPs, GICs, stocks or bonds. To use investments as a down payment, you must own the investment for a minimum of 90 days, and it must originate from non-borrowed funds.
- A gift letter and proof that the funds have been deposited into your bank account if your down payment is being gifted to you. We can pass along the appropriate gift letter form as per your Lender.
- Purchase contract and MLS listing for the new property
- Sale contract and all conditions removed for the sale of your existing residence (if applicable)
- Void cheque for the account from where your mortgage payments will be withdrawn
- Name of the lawyer you will use for this transaction
*Notice of Assessments can be obtained from Revenue Canada. Please call 1-800-959-8281 to request a copy, keeping in mind that delivery time is generally 2 weeks. Alternatively, you can sign up for an online account which provides instant access to your most recent Notice of Assessment. Simply go to www.cra-arc.gc.ca/ and click on My Account to sign up.
**Please note that this is a general overview of the most common documentation required throughout the mortgage process. There may be additional conditions that are not listed on this page based on your individual financing requirements.