Whether you are considering buying a new home or refinancing your existing mortgage, important personal information and documents will be required by lenders.  This checklist gives an overview of the necessary documentation that most Canadian lenders require prior to approving and funding a mortgage.  By providing these documents in a timely fashion, you will help to ensure a speedy approval/renewal process:

Buying a home?

Information that describes the property you are purchasing:

___ Contract of Purchase and Sale Agreement*

___ MLS Detail Feature Sheet*

___ Property Disclosure Statement (PDS)*

___ Title search*

___ Strata property information: Form B, Meeting Minutes, Strata Fees* **

___ Name, address, telephone number of your solicitor/notary

Confirmation of your down payment:

___ Savings or investment statement from the last 90 days

___ Sale of an existing property – a copy of the sale agreement

___ Gift letter if down payment funds are from family, friend etc.

___ Withdrawal from RRSP through the Home Buyer’s Plan

Employment verification:

­­___ Copy of latest pay slip

___ T4

___ Letter of employment

___ T1 General and Notice of Assessment (NOA) if self-employed

Refinancing your home?

Information that describes your existing property:

___ Recent mortgage statement

___ Current homeowner insurance policy

___ Recent property tax statement

___ Legal description of your property

Additional information that may be required…

As part of your application process, you may be asked questions relating to what you owe and own. Some projected expenses relating to your property such as taxes, heating costs and condo fees may be requested.

Once the lender has given final approval:

___ A void cheque for the account that the mortgage funds are to be debited from.

This checklist is by no means exhaustive as each lender has criteria that is important to them. Should you have any questions about applying for a mortgage or refinancing an existing property, speak with a mortgage professional. Your Realtor will be able to refer someone in your area.

*Your real estate agent will be able to provide these documents to your bank or mortgage broker.
**Typically required if purchasing strata titled property.

Jason Neumann is with CENTURY 21 Assurance Realty in Kelowna, BC.