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What Do I Need to Bring?
When we submit a request for financing, it will come back as a conditional approval - conditional on us providing certain documents that back up your application.
Below is a list of the most common documents requested - and why.
An Employment Letter
This is a letter from your employer, on company letterhead, that says you are a full-time/part-time employee, since a certain date, doing a specific job and earning a specific wage. If you are paid hourly, it usually provides a guaranteed weekly hours amount.
The lender will review this in detail, cross reference it to your paystub and will verbally verify with the letter's author that they wrote it and that the details in the letter are accurate. In simple terms, the lender is making sure this letter is not a forgery - together with verifying the nature of your employment.
A Recent Paystub
The lender uses this to confirm your income. It is also evidence that you are still employed. It will be cross-matched to your employment letter and to our application details.
Confirmation of Down Payment and Closing Costs
The lender will require us to provide evidence that you have the ability to pay the down
payment and closing/legal costs - from your own resources (not borrowed).
Depending on where the down payment is coming from, certain documents are required. In simple terms, if your money is in a bank account, the lender will look for three months history on the account. Any deposit over approx $1,000 that is not a payroll deposit will require us to provide documents to show where it came from.
This is required to satisfy to Bank auditors and staff that you are not borrowing the down
payment and as one prevention step against laundering money into real estate.
For more specific guidelines, view Confirming Your Down Payment Guidelines.
Void Cheque
The lender uses this to confirm the automatic debit that is put in place for taking your mortgage payments.
Notice Of Assessment
If you are contracted, working through a local, working seasonal jobs or are self-employed, in most cases the lender will look for copies of your most recent two Notice of Assessments (NOA).
Now, if you are unclear what this is - it is the 2-3 pages on bluish paper that Revenue Canada sends back to you after you file your income tax returns. Lenders use the NOAs to confirm annual income (line 150, total income) rather than your tax returns - as the NOA represents the numbers the government accepted - not the tax return which represents the number you submitted.
Separation Agreement
If you are legally separated or divorced, your lender will request a copy of this agreement to confirm that you have disclosed any financial obligations you have to your former spouse.
This can be a deal breaker if there is no agreement in place as the lender has no way to confirm that, say, you don't owe $1,000 a month under that agreement for child/spousal support - which could affect your ability to be approved.
Sale Agreement of Your Current Home
If you are selling one home to purchase another, the lender will require a copy of that firm sale agreement. It verifies that any debt obligation you have now will be going away. It also verifies any equity being used for a down payment on the new purchase.
Do You Have Other or Investment Properties?
If you have other or investment properties, the lender will require a copy of the most recent mortgage statement for those properties as well, together with any leases that may be in place providing you income on that property.
There are additional items that can be requested depending on someone's unique situation - but in most cases the employment letter, paystub, void cheque and confirmation of income pretty much cover it. Any questions/concerns - contact us!
Below is a list of the most common documents requested - and why.
An Employment Letter
This is a letter from your employer, on company letterhead, that says you are a full-time/part-time employee, since a certain date, doing a specific job and earning a specific wage. If you are paid hourly, it usually provides a guaranteed weekly hours amount.
The lender will review this in detail, cross reference it to your paystub and will verbally verify with the letter's author that they wrote it and that the details in the letter are accurate. In simple terms, the lender is making sure this letter is not a forgery - together with verifying the nature of your employment.
A Recent Paystub
The lender uses this to confirm your income. It is also evidence that you are still employed. It will be cross-matched to your employment letter and to our application details.
Confirmation of Down Payment and Closing Costs
The lender will require us to provide evidence that you have the ability to pay the down
payment and closing/legal costs - from your own resources (not borrowed).
Depending on where the down payment is coming from, certain documents are required. In simple terms, if your money is in a bank account, the lender will look for three months history on the account. Any deposit over approx $1,000 that is not a payroll deposit will require us to provide documents to show where it came from.
This is required to satisfy to Bank auditors and staff that you are not borrowing the down
payment and as one prevention step against laundering money into real estate.
For more specific guidelines, view Confirming Your Down Payment Guidelines.
Void Cheque
The lender uses this to confirm the automatic debit that is put in place for taking your mortgage payments.
Notice Of Assessment
If you are contracted, working through a local, working seasonal jobs or are self-employed, in most cases the lender will look for copies of your most recent two Notice of Assessments (NOA).
Now, if you are unclear what this is - it is the 2-3 pages on bluish paper that Revenue Canada sends back to you after you file your income tax returns. Lenders use the NOAs to confirm annual income (line 150, total income) rather than your tax returns - as the NOA represents the numbers the government accepted - not the tax return which represents the number you submitted.
Separation Agreement
If you are legally separated or divorced, your lender will request a copy of this agreement to confirm that you have disclosed any financial obligations you have to your former spouse.
This can be a deal breaker if there is no agreement in place as the lender has no way to confirm that, say, you don't owe $1,000 a month under that agreement for child/spousal support - which could affect your ability to be approved.
Sale Agreement of Your Current Home
If you are selling one home to purchase another, the lender will require a copy of that firm sale agreement. It verifies that any debt obligation you have now will be going away. It also verifies any equity being used for a down payment on the new purchase.
Do You Have Other or Investment Properties?
If you have other or investment properties, the lender will require a copy of the most recent mortgage statement for those properties as well, together with any leases that may be in place providing you income on that property.
There are additional items that can be requested depending on someone's unique situation - but in most cases the employment letter, paystub, void cheque and confirmation of income pretty much cover it. Any questions/concerns - contact us!
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Tony Antaya
AMP
Mortgage Agent
905.689.3213
tony.antaya@migroup.ca
138 Brian Boulevard, Waterdown
AMP
Mortgage Agent
905.689.3213
tony.antaya@migroup.ca
138 Brian Boulevard, Waterdown
Jim Cook
MBA, CMA, AMP
Mortgage Broker
519.396.6800
1-877-587-6800
james.cook@migroup.ca
819 Queen St., Kincardine
MBA, CMA, AMP
Mortgage Broker
519.396.6800
1-877-587-6800
james.cook@migroup.ca
819 Queen St., Kincardine
Registered trademark of Mortgage Intelligence Inc. 2009, Mortgage Intelligence Central Office 5770 Hurontario Street, Suite 600, Mississauga, ON L5R 3G5 FSCO 10428
Jim Cook Broker Lic. M08001302 Tony Antaya Agent Lic. M08001243
Jim Cook Broker Lic. M08001302 Tony Antaya Agent Lic. M08001243
The MyMortgagePlace team has locations in Kincardine and Waterdown serving all of Ontario.
