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Mortgage Documents Needed

The initial step in the mortgage process is confirming your financial details. The two most common requirements the lenders will want during the approval process are the Income Verification and the Confirmation of the Down Payment.

The Income Confirmation is almost always required and it can come in a number of different sources.

The Employment Letter: Stating employment position, current income, tenure (full time or part time), and the length of employment for all applicants. Where the tenure is less than 6 months confirmation that there is no probationary period may be required.

Recent Pay Stub: Showing your Year To Date details

T4 or T1 Tax Return: Your most recent T4 filed or the copy of the details page of your general T1 General Tax Return if completed by a tax service.

Notice of Assessment: This is the form that you receive back from Revenue Canada after they have processed your taxes and confirms the filing, and any amounts due to you or owed to you.

The Downpayment Confirmation must confirm that the downpayment funds are not borrowed and several accepted practices for confirmation.

Bank Statements: The lenders will want to look at three months of banking history with the downpayment being on deposit. If there is a recent lump sum payment, the lenders will ask for confirmation of the source of these funds.

Investments: If you are liquidating your RRSP, GIC or Stocks for your downpayment the lenders will require confirmation such as account statements and the transaction records.

Gift Letter: When part of, or the entire downpayment is coming in the form of a Gift, commonly from the “bank of mom or dad” then there must be a Gift letter signed by the donors that the downpayment gift is genuine and does not need to be repaid. 

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