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Standard Purchase - Employee
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- Fully competed credit application
- Verification of borrower employment and income (lender may request any of the following):
- Most recent pay stub
- Letter of employment (current)
- T4
- Tax Return (T1 General)
- Notice of Assessment
- Agreement of Purchase and Sale including all schedules for subject property Copy of MLS listing on subject property
- Confirmation of down payment (depending upon individual lender/insurer policies, you may be required to provide one or more of the following items):
- Copy of bank statement or bank book with evidence of accumulation
- Copy of RRSPs, stocks, etc.
- Gift Letter (Please note that some lenders/ insurers require specific wording on the letter and may require additional documentation in reference to the gift)
- Statement showing money has been deposited into applicants account.
- If the down payment for the new home being purchased will be coming from the proceeds of sale on an existing home, you may be required to provide:
- A copy of the most recent mortgage statement. The statement should include name of lender, mortgage reference number, approximate balance, current mortgage payment and mortgage renewal date
- Agreement of Purchase and Sale on property being sold
- 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).
- High-ratio insurance application fee for CMHC or GE needs to be arranged for. Check with specific lender for policy and procedure.
- Lawyer's name and phone number
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