Check List – Mortgage, Pre-approval

Purchase

  1. MLS Listing
  2. Agreement of Purchase and Sale
  3. Income verification*
  4. Mortgage Application
  5. Void Cheque
  6. Confirmation of down payment and 1.5% from purchase price (a copy of the bank statement for the last 3 months, RRSP or other investment statements, gift letter, unconditional Agreement of Purchase and Sale on the property being sold)

Switch

  1. Most recent Mortgage Statement
  2. Property Tax Statement
  3. Home Insurance or condo-fire insurance from property management
  4. Income verification*
  5. Mortgage Application
  6. Copy of the most recent Charge/Mortgage registered against the property (Legal size document received from the lawyer or bank 1 month after closing)
  7. Void cheque

Refinance

  1. Most recent Mortgage Statement
  2. Property Tax Statement
  3. Income verification*
  4. Mortgage Application
  5. Home Insurance
  6. Copy of the most recent Charge/Mortgage registered against the property (Legal size document received from the lawyer or bank 1 month after closing)
  7. Listing of debts being paid as a result of refinancing
  8. Void cheque

Pre-approval

  1. Income verification*
  2. Mortgage Application

* Income verification

Full Time Employee

  • Letter of employment (on company letterhead, dated and signed by appropriate authority, contain date of hire and position, the amount received annually or the hourly rate and guaranteed hours worked per week, bonus)
  • Most recent pay stubs

Self Employed

  • Notice of Assessment (2 years)
  • T1 General (papers from the accountant)

Business Owner

  • Notice of Assessment
  • Business registration (2 years)