[Video] Documents..Why do you need them and Where do you find them?

Documents are one of the most challenging and confusing part of the process for borrowers. With that said, they are truly the KEY to a quick, stress free approval! Think of it like a puzzle, if you're missing a few key pieces you can't finish it! 

Below, you will find THE master list as it stands right now for all of the documents that a lender is likely to request (given your scenario)...no you won't have to send them all!

Income Confirmation for ‘Client Name’ (Employee):

( ) Current Letter of Employment from the employer outlining (a) employee start date,
(b) position status, (c) gross wage, and (d) HR contact for lender phone-call verification
(letter must be signed by the author).

( ) Most recent pay stub, issued within the last 30 days.

( ) Most recent two year’s T4’s.

( ) Most recent two year’s NOA’s (Notice Of Assessment from CRA, showing
taxes paid to date).

Income Confirmation for ‘Client Name’ (Self Employed):

( ) Most recent two year’s full T1 Generals, with Statement of Business Activities attached
- We can work directly with the Accountant if you connect us by email, and permission
is granted to send the documentation directly.
( ) Most recent two year’s NOA’s (Notice Of Assessment from CRA, showing
taxes paid to date).
( ) 12 Months of Business Bank Statements showing business deposits.
( ) If Incorporated, provide most recent 2 year’s Corporate Financial Statements.
 

Income Confirmation for ‘Client Name’ (Pensioner):


( ) Most recent year’s T4A.
( ) Current 90 Day Bank Statement history showing Pension Deposits, indicating (a) client
name (b) the account information.
( ) Most recent two year’s NOA’s (Notice Of Assessment from CRA, showing
taxes paid to date).

Other Income Confirmation for ‘Client Name’:

( ) Current 90 day Bank Statement history of Child Tax income deposits, indicating
(a) client name (b) the account information OR the most recent year's Universal Child
Care Benefit Statement issued from the Government.
( ) Current 90 day Bank Statement history of Child Support income deposits, indicating
(a) client name (b) the account information.
( ) Current 90 day Bank Statement history of Spousal Support income deposits,
indicating (a) client name (b) the account information.
( ) Current 90 day Bank Statement history showing Maternity Leave income deposited
including (a) client name, (b) account information, and (c) deposit amounts.
( ) Employer Return-to-Work letter, if available.

Down-Payment Confirmation:

( ) Current 90 day Bank Statement history, indicating (a) client name (b) the account
information, and (c) current balance, showing the funds having remained or been
accumulated in the account, OR please inform us of where the down-payment funds
are coming from (i.e. gift from immediate family).

Subject Property (Purchase/Refinance/Renewal):

( ) Please connect us with your Realtor now, OR provide (a) Signed and Accepted
Contract of Purchase & Sale including all Addendum's, (b) Property Disclosure
Statement, (c) Listing Data Sheet, and (d) Title Search copy.
( ) Most recent 6 months of Strata Meeting minutes.
( ) Most recent year’s Annual General Meeting (AGM) minutes.
( ) Copy of the FORM B confirming Strata Fee amount.
( ) A recent Mortgage Statement from within the last 30 days, indicating (a) client name (b)
the account information (c) property address and (d) current balance.
( ) Current Rental / Tenancy agreement, if applicable.
( ) 2017 Municipal Property Tax Notice.
( ) Confirmation of Strata Fee withdrawals by way of a current 90 day bank statement OR
most recent year’s Strata Fee Schedule.
( ) Articles of Incorporation for Borrowing Entity (Company purchasing property & on Title).
( ) Developer Disclosure Statement.
( ) Copy of completed Floor Plans.
( ) Recent Property Appraisal, if available.

Subject Property - Construction (Purchase/Refinance):

( ) Please connect us with your Realtor now, OR provide (a) Signed and Accepted
Contract of Purchase & Sale including all Addendum's, (b) Property Disclosure
Statement, (c) Listing Data Sheet, and (d) Title Search copy.
( ) Copy of Completed Budget for detailed Cost-of-Construction.
( ) Copy of completed Floor Plans.
( ) A recent Mortgage Statement from within the last 30 days, indicating (a) client name (b)
the account information (c) property address and (d) current balance.
( ) Builder’s Resumé of Experience for most recent 3 projects completed, including Scope
of Work and Property Addresses.
( ) Copy of 2017 Municipal Property Tax Notice.

Additional Properties Owned:

( ) A recent Mortgage Statement from within the last 30 days, indicating (a) client name
(b) the account information (c) property address and (d) current balance.
( ) Current Rental / Tenancy agreement, if applicable.
( ) 2017 Municipal Property Tax Notice.
( ) Confirmation of Strata Fee withdrawals by way of a current 90 day bank statement
history OR most recent year’s Strata Fee Schedule.

Authorization:

( ) Client Consent Form (attach your form or link in
your Documents Required email)

Additional:

( ) Previous client residential address must be provided for a 3 year history.
( ) Previous client employment must be provided for a 3 year history.
( ) Copy of an executed Separation Agreement.
( ) 2 pieces of ID. (eg. Drivers licence, Passport, Service Card).

Get in touch!

The first step of providing you with exceptional advice and options is for you to reach out. You can do this via. EMAIL / PHONE (604-619-3319) / FACEBOOK / INSTAGRAM pretty much any way you want!

What To Do Next? 😎

  1. Reach out to us If you are THINKING about buying or Refinancing
  2. Send This Info & Video to everyone you know who is buying or selling or maybe refinancing Remember: they may be thinking of a refinance, investment property OR know a friend who is currently thinking of buying.
  3. Send them our way and we will give them an estimate of their before and after rule pre-qualification.
  4.  Contact us early to get ahead of the game, even if your mortgage is not up for renewal until next year.

How to Start Reach US! 📲

  1. Call 604.619.3319 / Click / or Email us!
  2. Book a call - www.calendly.comd/alexmcfadyen

More Questions or READY to get started!?

Just Ask US > Click Here to set up a call or EMAIL us