Mortgage Savvy Check list

The Savvy Checklist: Supporting Documents You Need to Expedite the Mortgage Process

There are many steps to consider when buying a home – so much so that the process can start to feel a little overwhelming. Your mortgage is one more item on the list, but securing your financing doesn’t have to be complicated.

With a little Mortgage Savvy, we can make the home-buying process as seamless and straightforward as possible for you.

Of course, it starts with having the right documents in place. Here are the five key steps and supporting documentation you need in order to move forward:

Step One: Identification

As with any major financial transaction, we must first confirm you are who you say you are. Identification can be confirmed through:

  • Driver’s license
  • SIN card (social insurance number for yourself and your co-applicant)

Step Two: Proof of Income

If you are an employee of a company, this includes:

  • Letter of employment (LOE)
  • Two most recent pay stubs

Keep in mind, your LOE must:

  • Be printed on the company letterhead, confirming your salary, guaranteed hours, wage, position title and start date.
  • Include contact information of the person signing.

If you are self-employed, you’ll need T1 generals, business registration and company financials if incorporated. The lender may also ask to see your account records or confirmation of direct deposit.

Step Three: Tax Returns and Notice of Assessment

We’ll need access to the last two years of documents you get back from the government after filing your taxes (this includes two years of personal T-1 generals).

Keep in mind:

  • Your T4 may also be required.
  • Line 150 is the income used for the application. We refer to the income from your LOE, but if you are pair hourly, or receive commission or bonus, we take a two-year average.
  • If you are self-employed, we take a two-year average of the NOA on line 150. We may be able to gross that number by 15 to 20%, depending on the lender and how your business is registered.

Step Four: Bank Statement Confirming Down Payment

We require a 30-day bank statement confirming the down payment of your new purchase.

Keep in mind:

  • Your name should be on the document, along with an “account summary page” showing your accounts and account numbers to prove ownership. The summary page should connect your name to the account number if your name is not on the initial document.
  • It’s important you DO NOT move money around during this time. Doing so will require further explanation and proof of every big transaction.

Step Five: Get Approved!

Have your paperwork ready to go? You’re all set. Connect with us to initiate the pre-approval process. We’ll make sure you have your mortgage approval in hand within the next 24 hours.

What are you waiting for?

Have the paperwork ready? Let's get started.

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