You are buying your first house! Congratulations!
You’ve been careful with your credit and you’ve saved a down payment… but do you have all the documents ready for your Mortgage Broker?
Here is a list of basic documents you should be prepared to provide:
Your Personal Information
2 Pieces of ID: One form of ID must be Government-Issued Photo ID. Health Cards are not a valid form of ID for the purpose of a mortgage. You can apply for an “Ontario Photo Card” through the government a Service Ontario location. This process does take some time so ordering it ahead of time will help your mortgage application.
Your Income Proof:
Job Letter: You will need to get a signed letter from your employer that states your basic employment information. It is only applicable for 30 days.
Recent Pay Stubs: The pay rate and the number of hours should match the job letter.
Most Recent Notice of Assessment: Use this document to confirm you do not owe any personal taxes.
2 years of T4s and 2 years of Notice of Assessments: If you get overtime or bonuses, can provide these documents to prove the amount of extra income.
Two Years of Notice of Assessments and T1 Generals (Tax Returns): including the Statement of Business Activity and Statement of Real Estate Activity. If you are self-employed or claim any rental income you will need to provide your full tax returns.
Your Down Payment:
Three Months of Bank/RRSP/TFSA Statements: The statements must display your name. Otherwise, you also need to provide proof that the account number(s) belongs to you. Any large deposits ($1500 or more), other than pay, need to be supported with paperwork.
Signed Gift Letter: An immediate family member signs a gift letter stating the funds do not have to be repaid. Each lender has their own form of a gift letter. You will need to provide an updated bank statement showing the exact gifted amount once it is deposited into your account.
To discuss your mortgage options or for more information, feel free to make an appointment or apply online at jmacdonald.ca.
Stay connected with me on facebook @JenniMacDonaldMortgages