MORTGAGE DOCUMENTATION

MORTGAGE DOCUMENTS REQUIRED:

All documents must be visible (Do not black or cross out any parts of the documents) 

Purchase requirements:

• Purchase agreement, amendments and waivers between the seller and buyer.
• MLS Listing provided by your realtor (if applicable).
• Private Sale listings can be considered (if applicable).
• Downpayment: 90-day history confirming accumulations of savings, investments or RRSP. Gifted downpayment from an immediate family member may be considered. Other sources of downpayment may be considered, reach out for more details.
• RRSPs Home Buyers Plan (if applicable): Click here for more details
• Closing cost: The lender may require confirmation that you have 1.5% of the purchase price for the closing cost available to ensure you have the money to cover expenses such as moving cost, registration of mortgage, legal fees etc.
• Land Transfer Tax is to be paid by the borrower (if applicable). Refer to the FAQ section for more details.

Employment/Income requirements (2-year history):

• Avoid changing employment or industries during the process of obtaining a mortgage as this can impact your qualifications for a mortgage.
• Lenders may require that borrower is in the same line of work or same industry for more than 2 years.
• Salaried: Current letter of employment and current paystub within 30 days.
• Hourly: Current letter of employment and current paystub within 30 days. Should your hours not be guaranteed, further documents may be required. 
• Business For Self: The last 2 years' Notice of Assessments and T1 Generals along with Statement of business activities. However, document requirements may vary across different lenders. Details provided upon consultation.
• The lender may request further documentation should the documents provided not be sufficient.

 In addition for existing homeowners:

• A current mortgage statement (existing homeowners).
• A current property tax statement confirming your payments are up to date (existing homeowners).
• Confirmation of property and fire insurance.

Appraisal report requirements:

• A property evaluation report may be required to determine the current market value of your property that is prepared by a certified designated appraiser.
• The cost of an appraisal is the responsibility of the borrower and can range anywhere from $300 to $1000. However, some lenders may cover the cost or may have alternative options to determine the value of the property.
• Appraisals are not required on every transaction as they will vary between lenders and their programs requirements.

Legal fee requirements:

• The cost is the responsibility of the borrower.
• A real estate lawyer is required to assist with your purchase transactions representing you as the buyer.
• A real estate lawyer or third-party legal representative (First Canadian Title or FNF Canada) is required for any refinance or transfer for your mortgage.

*The information above is subject to change without notice*