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In general, when buying a home, the following documentation will usually be required by most lenders:
- If it's a resale home, a copy of the listing (MLS)
- If it's a new home, a copy of your agreement with the builder, including the survey, any building drawings and sketches
- Copy of duly accepted Agreement of Purchase and Sale
- Up-to-date survey of the property
- Salary letter from your employer (View basic example)
- Copy of last 3 years' T-4 receipts issued from your employer and/or copies of "Notice of Assessment" issued by Revenue Canada
- Copy of latest 2 "Pay-stubs"
- Three years' financial statements and income tax-returns (T-1 General) for self-employed applicants
- Inventory of assets and liabilities (with monthly payments)
- If you're buying a condominium, financial statements of the condominium corporation
- Proof that the downpayment is from your own funds and not borrowed, such as gift letters, bank statements, term-deposit/GIC statements
Having the applicable documentation listed above ready for your meeting with your mortgage consultant, will drastically save time at a later date, and may clear up any unanswered situations up front.
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