Documentation: Refinance & Renewal Transactions for Self-Employed Borrowers

Here is a summary of the documentation that lenders will typically require from self-employed borrowers on refinance and renewal transactions.

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General Information

• A copy of a photo ID for each borrower.
• A void cheque from the account your mortgage payments will be drawn from.
• The name of the lawyer you will be working with to close the transaction.
• A current Equifax or Transunion credit report (to be pulled by us with your written permission).

Income Verification

• Copies of your T1 Generals and Notices of Assessment (NOA) for the most recent two tax years.
• A copy of your business license or Articles of Incorporation.
• If your most recent NOA shows a balance owing, a Statement of Account to confirm that balance has been paid.
• Corporate financial statements may also be required.

Property Details

• A copy of your most recent mortgage and property-tax statements.
• A copy of your current home insurance policy.
• Any document that confirms the amount of your monthly condo fees (if applicable)

Appraisal

• The lender may require an appraisal (to be confirmed when your mortgage approval is issued).
• If an appraisal is required, the appraiser will contact you to schedule an on-site inspection once payment has been made.

Examples of Additional Items Which May Be Required in Specific Cases

• Divorce/separation agreement.
• T1 Generals and T4As and/or T5s if pension, dividend or interest income is being used.
• Water test if property uses well water.
• For other properties you own: Most recent mortgage and property-tax statements, current leases (if applicable).