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Mortgages

Documents Required (Employee)

  • Job letter from your employer (It should confirm your start date, position and minimum annual salary and be on the company letter head with address and phone number)
  • Two recent pay stubs
  • Current mortgage statement(s)
  • DCR (debit credit ratio) work sheet
    • Only needed when you own more than two properties
  • Recent NOA’s (notice of assessment – this is what the government sends back to you after you do your taxes)
    • This isn’t usually required but takes 2-3 weeks to obtain if you can’t find it and the lender or bank asks for it
    • You don’t need to send them in but please have your Notice Of Assessments available
  • Proof of cash for closing costs (usually 1.5% of the mortgage amount)
  • Current property assessment(s)
  • **Proof of down payment (3 month history required)
    • Bank statements
    • Must have name and account number
    • RRSP statements
    • Gift letter
    • This must be signed by the donor (family members only)
    • Confirmation of that money must be transferred from their account into yours
    • Investment/ stock statements

Why use a mortgage broker?

YOUR lending institution will only advise you on their own product. You could visit every institution out there, one by one if you had time......

Or, you can talk to talk to a mortgage broker who will shop for the best mortgage for you from all available lenders including many you would not usually think of on your own. 

 

Are there fees for your services?

NO! There are no fees on conventional mortgages as we receive payment for placing the mortgage from the financial institutions, however, in some circumstances lender/broker fees may apply.

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