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Pre-Qualification

The following information is needed to become pre-qualified for a Residential Mortgage.

Mortgage Application filled out and signed:

  • Social Insurance Number
  • Banking Information (financial institution name, type of accounts, RRSPs, stocks, bonds, GIC, etc)
  • List of all other assets, including vehicles, vacation properties, rental properties
  • List of liabilities, e.g., loans, credit card balances, alimony or child support payments

Income Verification

Salaried Employees:

  • Letter of employment on company letterhead confirming salary or hourly rate, position and length of employment.
  • Current pay slip or T4

Self-Employed/Commission Sales:

  • 3 years’worth of Notice of Assessments from Revenue Canada

 

Down Payment

In order to obtain an unconditional commitment or approval, the lending institution requires that the client provide them with confirmation of down payment and closing cost from non-borrowed funds.

Please note clients should set aside 1.5% of the purchase price for closing cost.

Down payment from your own resources:

  • Copy of client’s bank statement including three months’ history. Any large deposits during this time period must be explained and documented.
  • Copy of RRSP statement.
  • Copy of term deposits, CSBs.
  • Copy of stocks, bonds, mutual funds.

Down payment from a gift:

  • The donor is an immediate relative of the borrower (recipient).
  • The lender will require a signed gift letter from the donor confirming the monies are non-repayable, and no part of the gift is being provided by any third party having (direct or indirect) in the sale of the subject property.
  • Gifted funds to be in borrower’s account at least 15 days prior to closing.

Down payment from the sale of an existing property:

  • A copy of the unconditional agreement of the purchase and sale on your existing property. This needs to be accompanied by a copy of a recent mortgage statement showing the balance owing on any mortgages presently registered against the property.

 

Monthly Payments

An estimate of your monthly mortgage payments (both principal and interest combined) can be made using your interest rate, amortization period and the amount of your entire mortgage. To find out more, download this helpful PDF guide.

 

Mortgage Term Glossary

Getting lost in the terminology? Feel like you're listening to another language? Download this helpful PDF glossary and learn what you need to know!