In order to get a formal approval from
a mortgage lender and insurance company
(if
applicable), in addition to your signed mortgage application you must provide
the following information before you have purchased a home.
1. Confirmation of Employment and Income
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Job letter from your employer on company letterhead, confirming length of service, position held, rate of pay, number of guaranteed hours, and whether or not your job is permanent and full time in nature. |
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Current pay stubs |
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If you are self-employed, a commission salesperson, have part time or over-time income, or receive annual bonus, you have to provide T4’s, T1 General and NOA’s for the past 3 years to confirm both net and gross income. A lender will require proving the length of the business. |
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Other: |
2. Confirmation of Down Payment
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Bank statements showing 3 months savings history, accumulated over time in the clients’ name only. Deposits larger than $1000 will require explanation. |
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Gift letter from an immediate relative. Plus proof of gift being deposited into your bank account. |
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Copy of investment certificates (GIC, RSP, T-Bills, Bonds, etc) |
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Copy of firm Agreement of Purchase and |
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Other: |
3. Property Requirements / Conditions
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Satisfactory appraisal of subject property to be completed by an accredited appraiser (Loan to Value ration not to exceed 75%) |
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CMHC/Genworth approval, with satisfactory appraisal of subject property to be completed by a CMHC representative |
4. Other Documentation Required
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Copy of firm Agreement of Purchase and |
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Copy of MLS listing or of new constructions, copies of floor and site plans |
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Lawyer’s information |
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Deed and Payout Statements from the current lender |
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Other: |
If required, you will need to provide further information to the lender upon request.