Residential Mortgages

REQUIRED DOCUMENTATION

First mortgages

• Completed Application
• An employment letter and pay stub for each applicant. Self-employed individuals may need Notice of Assessments for the last 3 years. (Not required for No-income Verification Program. Special conditions apply,)
• A copy of the accepted Purchase and Sale Agreement and the land survey
• A copy of the real estate listing if buying an existing home.
• Confirmation of your down payment (i.e. bank/rrsp statement or gift letter)
• If you are buying a home to be constructed, bring a picture of the property, a copy of the building plans and specifications, the land survey, plus your agreement with the builder.

Second mortgages

• Completed Application
• A completed personal statement, including income and expense statement on income property
• A copy of your most recent mortgage statement and Property Tax Assessment Notice
• A photograph and description or an old appraisal of your property including sq. ft. lot size, living space, type of property, garage (1 or 2), taxes, brick or siding, and approximate age (if available
• If the 2nd is to assist with the purchase of a property we also require a copy of the listing and purchase and sale agreement.

Commercial Mortgages

"A" type lenders:

• Executive Summary
• Completed Application
• Last 3 years corporate tax returns
• Last 3 years personal returns
• Copy of Deed
• Copy of most recent tax bill
• Interior and exterior photos of property (if available)
• Copies of leases
• Copies of rent rolls
• 3 years Income and Expense statements
• Detailed explanation of the use of loan proceeds
• Itemize all existing debt/mortgages on the subject property
• Copy of recent appraisal, survey and environmental credit (if available)

"B" type lenders:

• Completed application
• Copies of current business license - no specific length of time in business required
• Verification of existing commercial or personal mortgage payment history is satisfactory
• Verification of rent - cancelled cheques, loan/bank statements for 6 months
• Rent rolls - on all properties with 5 or more residential units and on commercial property that is not 100% owner occupied. Rent roll must be dated and signed by the borrower
• Tenant acknowledgements are required for non-residential properties
• Title Insurance is required