Now that you have your pre-approval, and have found the home that you want to purchase, it is time gather all of the information required to meet the guidelines of the selected financial institution so the mortgage can close.
Obviously, you will need to provide proof of the information that you supplied in order to get you pre-approved:
• Income verification – i.e. pay stubs, copy of previous year’s T4, letter from employer, spousal
support etc.
• Commission sales - 3 years personal tax returns plus Notice of Assessments from Revenue Canada.
• Self employed – same as commission sales, plus 3 years business financial statements, and 3 years business tax returns (if applicable).
• Lenders requirements do vary and depending on the product and LTV (loan to value), the verification will differ. In some cases, a self-directed letter is sufficient proof to the lender or income.
• Banking information (location, accounts and balances …)
• Assets (cash, investments …) and Liabilities (loans, credit cards, any other payments, including alimony
and child support …).
• If condo/maintenance fees, proof of fees, planned increases and special assessments to be levied.
• Down payment
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