New Home Buyer's – Required Documents
Tags: HOME BUYERS
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.
