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MortgageTree Checklists

Required Mortgage Documentation

You will be required to provide standard documentation to enable your lender to verify the information in your application. It is very important to be as accurate as possible when completing your mortgage application to avoid discrepancies between the information you have provided versus documented verification. In addition to the below checklist, there may be additional documentation required that is not listed below:

Proof of Income

The documents vary based on employment status: “Employee” or “Commissioned/Self-Employed”:

Employee

1. Employment Confirmation Letter

Current employment confirmation letter on company letterhead, generally provided from your Human Resources or Payroll department

  1. The letter should include your annual salary (if you are on a salary), position at the company and tenure of employment with the organization
  2. If you are paid hourly, the letter should confirm your pay per hour, number of guaranteed hours worked per week, position at the company and tenure of employment with the organization

2. Recent Pay Stubs

Copies of two of your most recent pay stubs from within the last 60 days

3. Two years of T1 Generals and Notice of Assessments

(if using bonus or overtime income)

Commissioned Or Self-Employed

1. Two years of business financial statements

2. Two years of Notice of Assessments

3. Two years of T1 Generals

*Notice of Assessment is the summary form Revenue Canada sends after your income tax has been filed. It specifies what you claimed on your taxes last year and indicates balance owing. If you do not have a copy of your Notice of Assessment, you can call Revenue Canada at 1-800-959-8281 to obtain a copy.

Down Payment Verification

The source of your down payment must be verified with the following documents:

1. Three Months’ Bank Statements

If using savings from your bank account as your down payment, you will need to provide three months of bank statements. The statements must state your account number and name.

2. Recent Quarterly Statement

If your down payment is from investments (RSP, GIC, stocks, bonds), you will need to provide a copy of a recent quarterly account statement or a 90 day history.

3. Gift Letter

If you have been “gifted” with a down payment from an immediate family member – lucky you! They will need to provide you with a “gift letter” (available from your mortgage broker), along with proof that the funds have been deposited into your bank account.

4. Purchase and Sale Agreement

If your down payment is from the sale of an existing property, a purchase and sale agreement and current mortgage statement are required.

Additional Required Documentation:

The following documents will also be required:

1. Purchase and Sale Agreement and MLS listing for the new property

2. Copies of any waivers and amendments

3. Copy of deposit cheque(s)

4. Void cheque for the account from which mortgage payments will be withdrawn

5. The name of your lawyer handling the transaction