Whenever considering buying a new home or refinancing your existing mortgage, important personal information will be required by financial institutions/lenders prior to your application being approved. By providing the documents listed below you will ensure a speedy approval/renewal process:
When Buying A Home You Will Be Required To Provide…
___ Government issued photo ID (with current address)
___ Social Insurance Number
Assets and Liabilities:
___ Summary of assets including: balances of checking/savings account(s), RRSP’s or other investments/properties that you may own
___ Summary of liabilities including: other mortgages, credit cards and loans
Information that describes the property you are purchasing:
___ Contract of Purchase and Sale Agreement*
___ MLS® Detail Feature Sheet*
___ Property Disclosure Statement (PDS)*
___ Title Search*
___ Property Taxes*
___ Strata Property Information: Form B, Meeting Minutes, Strata Fees* **
___ Name, Address, Telephone Numbers of your Solicitor/Notary Public
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, friends etc.
___ Withdrawal from RRSP through the Home Buyer’s Plan
___ Copy of latest pay slip(s)
___ Letter of Employment
___ Additional income sources
___ T1 General and Notice of Assessment (NOA) if Self-Employed
When Refinancing Your Home You Will Be Required…
Information that describes your existing property:
___ Recent Mortgage Statement
___ Current Homeowner Insurance Policy
___ Recent Property Tax Statement
___ Legal Description of your Property
Once the lender has given final their approval:
___ A void cheque for the account that the mortgage funds are to be debited from.
Additional information that may be required…
As part of your application process, you will likely be asked questions relating to what you owe and own (often referred to debt service ratio). Some projected expenses relating to your property such as: property taxes, strata and/or HOA fees, utility costs.
This checklist is by no means exhaustive as each lender has different criteria that is important to them. Should you have any questions about applying for a mortgage or refinancing an existing property I am happy to refer you to a local mortgage broker.
*Your real estate agent will be able to provide these documents to your bank or mortgage broker.
**Required if purchasing strata titled property only.