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New Home Buyer’s – Documents

Buying a home is an exciting and also overwhelming process at times. It’s important to get your finances and necessary documents in order. Your bank and/or mortgage broker will need all of these documents in order to give you a proper pre-approval and process your mortgage for your new home purchase. Please find a detailed list below as provided to me for obtaining a mortgage in Ontario Canada by George Tinnes – A Centum Morgage Professional.

Income Documents – Salaried / Hourly

  • Letter of employment and recent pay stub
  • Current and previous year T-4’s
  • Current and previous year Notice of Assessments

Income Documents – Commission Applicants

  • Letter of employment and recent pay stub
  • Current and previous year T-4’s
  • Current and previous year Notice of Assessments

Income Documents – SELF EMPLOYED applicants (Non Incorporated)

  • Copy of a Business License
  • Current and previous year T-1 Generals
  • Current and previous year Notice of Assessments

Income Documents – SELF EMPLOYED applicants (Incorporated)

  • Copy of the full articles or incorporation
  • Current and previous year Personal T-1 Generals
  • Current and previous year Personal Notice of Assessments
  • Current and previous year T-2 Business Filings
  • Current year ‘Notice to Reader’ AKA Financial Statements

Downpayment Documents

  • 90 day history of accumulation of funds via bank account statements, investment statements, RRSP’s, etc…
  • If selling existing property, copy of recent mortgage statement and full purchase and sale agreement of existing home
  • Large deposits over $2,000 must be validated (except pay deposits)
  • Gift from immediate family only (parent, sibling, grandparent, spouse)

IF you’d like more information about obtaining a mortgage in ontario please follow this link to watch this video by Lorne Cooper Century 21 Real Estate Sales Representative and George Tinnes from Centum Mortgages.

What First-Time Home Buyers Need To Know

 

 

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