Once you have taken the first step and sent in that application to your mortgage broker, the next step is to gather documents to make a strong file for your lender. Every file is unique and may require different documents, but here is an overview on the standard documents required for applicants to provide to their broker and lender.
Income
Your credit Report will have a significant impact on the deal: depending on your credit score and if you have a great track record on paying your loans and bills on time, will determine your position in applying for a mortgage.
The lenders typically look at your income amount and how it is structured;
- Full-time salary: Two recent pay stubs and job letter
- Part-time salary plus bonus or commission: Two years Notice of Assessment
- Self-Employed: Last two years income tax returns or T1 General, statement for your business activities, Last two years Notice of Assessment, or Articles of Incorporation (This varies on your case)
Property
If you are purchasing a new property:
- MLS and Agreement of Purchase and Sale
If you already own a property and you are looking to refinance, renew or transfer mortgage:
- Most recent mortgage statements
- Tax Bill for the property
- Most recent HELOC statement
- Income and expenses statement(if own a rental property)
For more information do not hesitate to contact Robert Clancy:
Robert Clancy, AMP,
Mortgage Agent
VERICO Safebridge Mortgage Solutions
SAFEBRIDGE Financial Group
Tel: 416 899-1467
Fax: 1866 385-4049
Email: robert@safebridgefinancial.com