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.
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To discuss your mortgage options or for more information, feel free to make an appointment or apply online at jmacdonald.ca.
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