While every person and situation is unique, here’s a general idea of what you can expect to provide during the mortgage application process depending on a few factors; what you do for work, what sort of property you are purchasing and where your down payment is coming from. Let’s break it down…

Income Verification

For those who are salaried or guaranteed hourly employees;

• Photo ID
• A job letter from your employer
• A current paystub
• T4 slips (past 2 years)

For those who are self-employed (not incorporated);

• Photo ID
• T1 reports (past 2 years)
• Notice of Assessments (past 2 years)
• Statement of Accounts

For those who are incorporated (not self employed);

• Photo ID
• T1 reports (past 2 years)
• Notice of Assessments (past 2 years)
• Statement of Accounts
• A copy of Business License for current year
• Financial Statements (past 2 years)
• Notice of Articles

Property Documentation

For those who are purchasing a non-strata property;

• Purchase and Sale Agreement
• Copy of MLS Listing
• Property Disclosure Statement

For those who are purchasing a strata property;

• Purchase and Sale Agreement
• Copy of MLS Listing
• Property Disclosure Statement
• Form B
• Strata AGM Minutes (from the last 2 years)

For those who currently own property;

• Current mortgage statement
• Property tax statement
• Rental lease agreement — if the property you own is a rental
• Past 90 days bank account statements showing proof of rental income being deposited from the day your mortgage application is approved by the lender

Down Payment Verification

For money coming from your personal accounts;

• Past 90 days bank/investment account statements + current account balance statement from the day your mortgage application is approved by the lender

For money coming from a real estate sale;

• A contract of purchase and sale

• Order to pay statement from your Notary/Lawyer

For money coming from an immediate family member as a gift;

• A gift letter (we will supply this based on your lender)

• Proof of gifted funds deposited into your bank account OR proof of gifted funds available in the gifting persons account

We hope you found this guide helpful! If you are ready to get the home-buying process started, we would love to support you, drop us an email at: [email protected] or call 604-561-6716.