Becoming Qualified
- Order your own Credit Bureau Report
- Organize your Documents
- Verify your Income
- Verify your Net Worth
- Verify your Down payment
1. Order your own Credit Bureau Report
Order your own Credit Bureau Report to confirm that your creditor repayment information is accurate and up-to-date, and that there are no outstanding judgments or liens registered against you.
- order online at www.equifax.ca, with our downloadable Consumer Report Credit Update Form, or in person at an Equifax or Trans Union Credit office (refer to your telephone directory for the nearest location)
2. Organize your Documents
Every mortgage application is unique; however, there are certain documents that are necessary for all applicants. Once we have completed your application, and reviewed your borrowing options with you, we will be able to provide you with an exact list of the lender's requirements, but in the interim, it is a good idea to start collecting your income, asset/liability list, and downpayment information immediately.
3. Verify your Income
If you're a salaried/hourly employee, you'll need to provide your most recent paystub, and a letter from your employer to confirm your start date, position, rate of pay, and guaranteed hours worked each week. If you receive an annual bonus and/or overtime income, and we require this income to qualify, we'll need your previous 2 years T4 statements in addition to the paystub and letter. Also, be prepared to provide your most recent Canada Customs & Revenue Agency's (CCRA) Notice of Assessment to further substantiate your stated income.
If you're self-employed or a commissioned salesperson, you'll need to provide 2 and/or 3 years of Canada Customs & Revenue Agency (CCRA) Notices of Assessment, as well as your complete T1 Generals.
If you receive or pay alimony and/or child support, the lender will require a copy of your divorce/separation agreement to confirm these payments.
Other Sources of Income:
- pension income
- permanent long term disability income
- real estate rental income
- foster care income
- military income
- interest or dividend income
- part time income, or income from a second job
- automobile allowances
- tips and gratuities
4. Verify your Net Worth
- Recent account/brokerage statements to confirm current market values of RRSPs, non-registered investments, savings accounts, etc.
- If you own rental property, the lender will require lease agreement(s) to confirm rental income, and recent mortgage statement(s) to confirm your equity
5.Verify your Down payment
- If the downpayment is coming from savings, the lender will ask you to provide 3 months bank statements for each account, or 3 months of investment statements
- If the downpayment is coming from the sale of your property, you'll be asked to provide the Offer of Purchase and Sale, a recent mortgage statement, and your solicitor's Statement of Adjustments.
Other Sources of Downpayment:
- Canada Savings Bonds, term deposits, GICs
- Sale of stock
- Trust accounts
- Borrowed funds secured against free & clear assets
- Sale of assets
- Monetary gifts received from immediate relatives
- A bridge loan secured by your existing primary residence
If you are applying to refinance or renew an existing mortgage, the following documents will be required in addition to the above:
- a copy of your registered transfer/deed
- a copy of your registered mortgage/charge
- a copy of the survey if available
- your most recent property tax statement
- a copy of your home insurance policy
