Documentation

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While the paperwork during the application process is minimal, there will be quite a bit more before the mortgage can be funded. So, be ready if you need a quick approval and a fast closing.

The follow is a guide:

	PURCHASE	REFINANCING
	(provided by)	(provided by)
PERSONAL INFORMATION:
Client Agreement – Consent Form	client(s)	client(s)
Signed Mortgage Application – names, birth dates, SINs, addresses, telephone numbers, e-mail addresses, employment history, income information, etc.	client(s)	client(s)
Signed Personal Net Worth Financial Statement(s) – detailed information on personal finances; full disclosure of assets and liabilities (high limits, current balances, monthly payments).	client(s)	client(s)
Credit Bureau Reports – Equifax &/or Trans-Union	broker/lender	broker/lender
List of debts to be refinanced	n/a	client(s)

INCOME VERIFICATION:
EMPLOYED
employment letter(s)	client(s)	client(s)
pay stub(s) (most recent)	client(s)	client(s)
SELF-EMPLOYED/COMMISSIONED SALES
Income Tax Notice of Assessment(s) (NOA)	client(s)	client(s)
Proof of Self-Employment	client(s)	client(s)
Bank Statements (12 months), if required	client(s)	client(s)
Stated Income, if appropriate	client(s)	client(s)

DOWN PAYMENT & CLOSING COSTS VERIFICATION (for non-borrowed funds):
Bank Statements (generally 3 months before closing)	client(s)	n/a
Gift Letter	client(s)	n/a

PROPERTY:
Appraisal/Property Tax Assessment (as required) *	client(s)/lender	client(s)/lender
MLS listing details	client(s)	n/a
Description of Property (if required)	client(s)	client(s)
Signed Purchase Agreement	client(s)	sometimes
Septic/Well Tests (as required)	client(s)	client(s)
Legal Survey/Title Insurance (as required)	solicitor	solicitor
Fire/3rd Party Liability Insurance	client(s)	client(s)

EXISTING MORTGAGE:
Mortgage Document	n/a	client(s)
Payout Statement/Mortgage Statement	n/a	client(s)
CMHC/Genworth Mortgage Ins. Details if required	n/a	client(s)

* Note: In the case of a purchase, an appraisal is required when the mortgage is equal to or less than 80% Loan to Value (LTV), and/or the property is not listed on MLS. In the case of high ratio mortgages (LTV more than 80%), the mortgage insurer (CMHC or Genworth or in the rare cases AIG) usually carries out the appraisal. Some lenders will do their own appraisals or instruct their own appraisers. There may be exceptions to the rules, of course.

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