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Mortgages

Documents Required (Self-Employed)

Here's a list of common documents we'll ask for up front:

  • 2 year NOA’s (Notice of assessment – what you would have gotten back from the government after filing your income taxes)
    • You taxes must be paid up to date
    • We may use this to show income
  • 2 years T1 General’s
    • Or business license (if applicable)
    • Or Articles of Incorporation (if applicable)
  • Current mortgage statement(s)
  • DCR (debit credit ratio) work sheet
    • Only needed when you own more then two properties
  • Proof of cash for closing costs (usually 1.5% of mortgage amount being asked for)
  • Current property assessment(s)
  • Proof of down payment (3 month history required to show where the money is coming from)
    • Bank statements
    • Must have name and account number
    • RRSP statements
    • Investment or stock 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

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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