Mortgage Application Checklist

The following is the basic information needed to complete a mortgage approval. The information required may vary depending on teh lender of choice. Also, included is who would be responsible to provide the information through your mortgage specialist to the lender (as indicated in brackets):

• Signed application (mortgage specialist & borrower)
• Lawyers Name (borrower)
• Feature/Hi-Lite sheet on property and the Agreement of Purchase & Sale (real estate agent/borrower)
• Verification of downpayment (borrower)
  • written verification of downpayment coming from own resources and not borrowed funds (i.e. photocopy of bank books showing accumulation of funds for a minimum of three months, RSP statements, GIC's etc.)
  • gifted downpayment is acceptable, verification would include a gift letter and proof that the gift-giver had the resources available to give the gift (three months bank statements, GIC's etc.) (Gift form letter available through your mortgage specialist.) The gift must be from immediate relatives to qualify under most programs.
• Verification of income & employment (borrower)
  • a letter from you employer on company letterhead stating how long you'e been there, how much you make, your job title and whether permanent, contract or part-time.
  • sometimes lenders also require a pay-stub or T-4 to supplement the above.
  • for self-employed individuals, speak to me about the requirements, as they vary greatly from lender to lender.
• Survey/Title Insurance (real estate agent or lawyer)
• Water potability test (real estate agent) & septic certificate (lawyer)
• Application/appraisal fees (borrower). A mortgage appraisal is ordered by the lender/mortage specialist but paid by you. (The cost is approximately $250-$350).