Documentation: Purchase Transactions for Self-Employed BorrowersJuly 20, 2017
Documentation: Refinance & Renewal Transactions for Self-Employed BorrowersJuly 20, 2017
Here is a summary of the documentation that lenders will typically require from salaried borrowers on refinance and renewal transactions.
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- 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).
- A letter from your employer confirming your position, your annual salary, and the total time you have worked at your organization.
- A copy of your most recent pay stub.
- If we are using bonus or commissioned income: A copy of your T4s for the most recent two years.
- 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)
- 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).