Mortgage Document Examples
When preparing your mortgage application, it’s essential to gather all necessary documents to ensure a smooth and efficient approval process. Below, you'll find a comprehensive list of sample documents typically required for a mortgage application. Please note that not all documents may apply to your specific situation; refer to the customized document list in your Hurricane account for guidance tailored to your needs.
Table of Contents
1. Photo ID (Government Issued)
Acceptable identification documents include government-issued picture IDs such as your driver's license or passport. The document must have your picture and your full legal name on it.
2. Permanent Resident Card
Ensure that your card is current and not expired. The document should clearly display your full name, photo, signature, and the card's expiration date.
Make sure to provide a clear, legible copy of both the front and back of the card.
3. Birth Certificate For Child
Ensure the birth certificate is a clear, legible copy and officially certified by the issuing authority. The document should display the full name of the child, date of birth, and the names of the parents.
4. Purchase and Sale Agreement
Agreement of Purchase and Sale, all waivers, and amendments.
Make sure you include all pages (even if they are blank).
5. Multiple Listing Service (MLS) Listing
This document provides comprehensive details about the property, including the address, listing price, property dimensions, number of bedrooms and bathrooms, and any unique features or amenities.
Make sure you include all pages (even if they are blank).
6. Most Recent Mortgage Statement of Existing Property
Current mortgage statement to confirm the lender, account number, payment and current balance.
Make sure you include all pages (even if they are blank).
7. Most Recent Property Tax Statement
You receive a property tax notice from your local taxation authority each year that details how much property tax you are liable for paying in that year. If you do not have copies of this notice, or you have never paid any property tax before because you have never owned property.
Make sure you include all pages (even if they are blank).
8. Bank Statements
Upload three (3) months' bank statements showing all the funds that you plan on using for your down payment. Please explain any large deposits and make sure your name and account number are on the statement.
Bank statements need to include Date, Name, Account #, Balance, Bank Logo.
Make sure you include all pages (even if they are blank).
9. Recent Investment Statement With Balances
This document should detail all your current investments, such as stocks, bonds, mutual funds, or retirement accounts, along with their most recent values. The statement should clearly itemize each investment type, show the balance as of the latest date, and cover at least the last quarter to demonstrate stability and consistency in your financial resources.
Ensure the document includes your name, the date of the statement, and the financial institution's name to verify ownership and authenticity.
Make sure you include all pages (even if they are blank).
10. Letter of Employment
Letter of employment which outlines at minimum the following (your job title, how long with the company, your compensation, signed by HR or your direct boss, dated and on company letterhead).
11. Pay Stubs
Upload your most recent pay stubs. The pay stub will detail your gross (before deductions) pay amount, and the descriptions and amounts of all monies (such as income tax) deducted from the amount you were owed by your employer.
12. T1 General
This document outlines your annual income, deductions, and credits filed with the Canada Revenue Agency (CRA).
Submit the most recent year's return. Ensure that all pages of the T1 General are included, along with all schedules and statements, to provide a full picture of your income history.
Make sure you include all pages (even if they are blank).
13. Most Recent Two Year T4s
Your T4 statements from all employers you have worked for in the past two years, even if you only worked for them for a short period of time.
14. T4A - Old Age Security (OAS) or Canada Pension Plan (CPP)
This document provides proof of your annual income from these sources. You'll need to submit this to your lender to show part of your income stream, especially if you are retired or nearing retirement. The document should clearly display your name, the total amount received during the last year, and the source of these funds.
15. T5 - Statement of Investment Income
This document should include your name, the amount of interest, dividends, or other investment income you received, and the source of this income.
Ensure the statement covers the most recent tax year and is issued by the bank, financial institution, or company from which the investment income was received.
16. Notice Of Assessment (NOA)
The NOA outlines your total income reported, taxes owed, and any refund or balance due after your last tax return. Make sure the NOA matches the income you declared on your mortgage application and that it reflects your financial situation accurately.
Make sure you include all pages (even if they are blank).
17. Pension Statement
Your recent pension statements that clearly show the income that you received from the pension. This information is required in order for lenders to determine your current and future income.
Make sure you include all pages (even if they are blank).
18. Annual Canada Child Benefit (CCB) Statement
Also known as the Notice of Entitlement on your Canada Revenue Agency (CRA) portal.
Make sure the name and address listed on the statement match those on your mortgage application. This statement will outline the specific period, usually the past year or fiscal period, for which the CCB was received. It should detail the total amount received, provide information on the children for whom the benefit is paid, and include the date the statement was issued by the CRA.
Make sure you include all pages (even if they are blank).
19. Signed Separation Agreement
This document should detail the terms agreed upon by you and your ex-spouse regarding the division of assets, child support, spousal support, and other financial arrangements. Make sure the agreement is fully signed by both parties and dated.
Make sure you include all pages (even if they are blank).
20. Deposit with Offer - Copy of Bank Draft Receipt
This receipt serves as proof of your earnest money deposit on a property, which is a part of your down payment indicating your intent to purchase.
Ensure the bank draft receipt clearly displays your name, the amount, the date of issue, and details corresponding to the property in question.
21. Down Payment - Deposit with Offer
This refers to the initial payment you make when submitting an offer on a property, which shows the seller your commitment and intent to purchase. This document should detail the amount of the deposit, date of payment, and the property in question. It often forms part of your overall down payment on the home. Ensure this documentation is clear, includes your name, the property address, the amount deposited, and is acknowledged by the selling party or real estate agent.
22. HELOC Statement
Home Equity Line of Credit (HELOC) statement to confirm the lender, account number, payment, and current balance. It needs to include the address for the secured property.
Make sure you include all pages (even if they are blank).
23. Articles of Incorporation
Articles of incorporation to confirm your percentage ownership of your business.
Make sure you include all pages (even if they are blank).
24. Company Financials
This document should encompass your business's profit and loss statements, balance sheets, and cash flow statements for the last two to three fiscal years. It should accurately reflect the financial health and performance of your business, including income, expenses, assets, liabilities, and equity.
Ensure all financial statements are prepared according to acceptable accounting standards, are up-to-date, and are ideally verified or audited by a certified accountant.
Make sure you include all pages (even if they are blank).
25. T2 - Corporate Tax Return
This form provides detailed information about your company's income, expenses, and net profit for the fiscal year.
Ensure that your T2 return is the most recent one and fully completed. It should include all schedules and statements that offer insight into your company's revenue, operating costs, and overall profitability.
Make sure you include all pages (even if they are blank).
26. Lease Agreements For All Tenants
Copy of your current lease agreement(s) you have in place for any suites, homes or units that you currently have rented. The lease agreements you upload must show the lease payment, how often the payments are made, and when the agreement expires. If the lease is expired, the lender may require that you also upload three months of bank statements to confirm the lease is still current and ongoing.
Make sure you include all pages (even if they are blank).
27. Statement of Real Estate Rentals
The Statement of Real Estate Rentals (T776) is the statement of rental income and expenses from your personal tax return.
Make sure you include all pages (even if they are blank).
28. Statement of Business of Professional Activities - Two Year T1 General
Most recent two years of T1 General forms filed with the Canada Revenue Agency, along with full statements of business activities over the same period.
Make sure you include all pages (even if they are blank).