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You are here:   Welcome  >  Home Purchase  >  How Do I Apply?  >  Application Checklist


APPLICATION CHECKLIST

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The following is the basic information needed to complete a mortgage approval. It is a good idea to gather up as much of this information when you apply for your new mortgage. This will speed up the process so that there is no delays and everything goes smoothly.


Signed application (mortgage broker & borrower)
Lawyers Name (borrower)
Verification of down payment (borrower)
  • Written verification of down payment coming from own resources and not borrowed funds (i.e., photocopy of bank book showing accumulation of funds for a minimum of three months, RSP statements, GIC’s etc.)
  • Gifted down payment is acceptable (Gift letter is available through your mortgage broker). Verification would include a gift letter and proof that the gift-giver had the resources available to give the gift (three months bank statements, GICs etc.) The gift must come from immediate relatives to qualify under most programs.

    •  
Verification of income & employment (borrower)
  • A letter from your employer on company letterhead stating how long you’ve been there, how much you make, your job title and whether permanent, contract or part-time. Part-time income will require a 2 year history of the income. Lenders also require a pay-stub or T-4 to supplement the above.
  • For self-employed individuals, speak to us about the requirements, as they vary greatly from lender to lender.

    •  
Feature Sheet or MLS Listing on the property and the Agreement of Purchase & Sale
      (real estate agent/borrower)
Application/appraisal fees (borrower). If required, the cost will be communicated to you as part of
      your closing costs.
Water potability test (real estate agent) & septic certificate (lawyer)
Lawyer’s Name (borrower)
Survey/Title Insurance (real estate agent or lawyer)
 

 
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