I spoke to Geoff Rathgaber, a mobile mortgage specialist with RBC. He advised that supplying the following documentation allows mortgage financing to be more efficient.
- They require the purchase and sales agreement of the property you are buying, the MLS listing with photo, the contact imformation of your solicitor including name, address, phone and fax numbers, and email address. You also have to provide a void cheque.
- They need to have confirmation of your down payment and I.D. You need to bring savings or investment statements from within the last 90 days. If you have sold your existing home, a copy of the sale agreement. If you are receiving money from another party other than the person that will be on title with you, you will need to provide a gift letter from said person. They will need to verify who you are with a correct driver's license, passport or health card.
- Employment verification needs to be confirmed, which may include a copy of your latest pay slip, T4, Letter of Employment, work permit, T1 General and Notice of Assessment (NOA) if self-employed. Also, any rental agreements/T776.
- If you currently own your home, they will require information that describes your existing property, recent mortgage statement and most recent property tax statement.
Having these items gathered, and available makes the process much more efficient and less stressful for you.