Get your documentation in order
Lenders are going to require documentation
on income, assets, and other personal information.
Be prepared to provide it in a timely fashion.
You will be in a stronger position to get
the loan you want by being prepared.
Please note that for these lists are more
complete then you may be required to show.
For instance private mortgage loans or equity
loans rely less on your ability to prove
your income and more on the equity in your
property. Different loan purposes will also
determine which documents you will need
(see below). Your mortgage consultant will
advise you which documents you will need.
Personal Information
Credit Application
Signed and dated net worth statement
Letter
from employer (how long on job and approximate
gross annual earnings)
T4
slips
T1
Generals – three years required for
commissioned income or business for self
Revenue
Canada Notice of Assessment – This
form is required to confirm tax returns
were filed. It is
mailed to you by Revenue Canada after you
file
Recent Pay stub
Confirmation of down payment - 3 months
bank statements showing the amount saved
or copy of term
deposits, GIC’s, RRSP’s or gift
letter or copy of purchase and sale of existing
home with corresponding mortgage statement.
In the case of a gift, CMHC requires
that the gift be deposited into the bank
and a copy of the deposit is given to the
lender, prior to approval by CMHC
If self employed 3 years financial statements
of your company
Copy of absolute discharge of bankruptcy
if you have been bankrupt
Copy of separation agreement if applicant
divorced or separated
Lawyer’s name and address
Your bank name address and contact for reference
and or for servicing
Property Information
A copy of the "Agreement Of Purchase
And Sale" (if a purchase)
A copy of your deed ( estopple certificate
if condominium)
Copy of your existing mortgage document(s)
Mortgage statement for discharge purposes
(if refinance)
Copy of your survey
If condominium the lender will often want
to see the condominium corporation financial
statements
copy of your home fire insurance coverage
copy of your last paid property tax bill
an appraisal by a licensed qualified appraisal
company acceptable to the lender
If Investment or ICI Real Estate
in addition to the above
Copy of leases and or rental acknowledgements
Ceiling height if Industrial
Site plan if multi tenent industrial
Copy of rent roll
A proforma income and expense statement
Copy of most recent property and or holding
company financial statements
A phase 1 or higher environmental assessment
by a qualified environmental audit firm
acceptable to the
lender usually not required on small multi
residential properties.
In some instances the lender may require
an structural engineers report
If Construction
site plan
building plans
Building permit if available
Construction budget with breakdown of hard
and soft costs
Detailed cash flow with dates and advance
requirements
Donstruction contracts
Builders resume and history of recent projects
Marketing plan and brochures
Copy of typical purchaser agreement with
all schedules
Projected sale prices or rental rates with
comparables and competitor detail
Presale details and estimated sell up time
and completion date
Offers to lease if pre-leasing
If condominium – copy of condominium
application, and or draft documents
If Development Land
Draft Plan Approval with conditions attached
or subdivision agreement if all approved
Engineers reports including soil
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