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Renewal/Refinance - Company Owner/Self-Employed
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- Fully competed credit application
- Verification of borrower employment and income: Self employed individuals may be required to provide copies of some or all of the following documents:
- business financial statements
- personal tax returns
- corporate tax returns
- 3 years of your most recent T1 Generals with Statement of Business Activities
- 2 years most recent Notice of Assessment with no income taxes owing
- Copy of business license, Artiles of Incorporation or Business GST registration
Some lenders may require that self employed individuals provide copies of recent bank statements for their business to demonstrate current cash flow.
- 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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