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Renewal/Refinance - Employee
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- Fully competed credit application
- Verification of borrower employment and income – lender may request any of the following depending on lender policy and applicants employment
- Most recent pay stub
- Letter of employment (current)
- T4
- Tax Return (T1 General)
- Notice of Assessment
- If existing debt is being is being paid from the proceeds of the new mortgage, an accurate and detailed listing of all debts will be required.
- Copies of credit card, PLC and loan statements with account numbers (this can be obtained from a print out from their online banking account – if applicable)
- It is important to be as accurate as possible with loan balances to ensure there will not be a shortage of funds at closing.
- Copy of the client's most recent Mortgage Statement. The statement should include the name of the lender, mortgage reference number, approximate mortgage balance, current mortgage payment, status of tax account and mortgage renewal date. The existing lender's Annual Statement and/or the Mortgage Renewal Document would be ideal for this purpose.
- If applying for a high-ratio insured mortgage you will require:
CMHC/GE Insurance reference number for existing mortgage being refinanced
- Original purchase price
- Estimate of current value
i.e. Appraisal Report (conventional mortgage or high-ratio uninsured) – most often, the appraisal will be ordered after receiving the Commitment of Mortgage from the lender. Make sure that the appraisal is ordered from an appraisal firm that is acceptable to the subject lender.
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