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Mortgage Applications – Documentation

Table Of Contents

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Here’s a detailed list of documents you’ll need to provide.
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Whether you are buying a property or refinancing an existing mortgage, lenders require a lot of documentation during the underwriting process.  In order to make it as simple as possible for our clients, we have developed a documentation collection process that allows for easy uploading of documents, and assistance where clients cannot find a copy of a specific document.  Please take a moment to read the information below, which explains what documents you’ll need to provide, as well as some helpful tips & FAQs.

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– Employment & Income Documentation –

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Employee

The following documents will apply to you if you are employed and receive an annual salary or hourly rate of pay.  If you work multiple jobs, please provide the documents listed below for each job:

  • Letter of Employment
    • Letters of employment should be on company letterhead, dated and signed by the author, with a contact phone number.
    • Letters should state: job title, tenure, salary or hourly rate, guaranteed hours and outline any overtime and/or bonus details if applicable.
  • Recent Paystub
  • Previous 2 years T4s for any additional income such as overtime & bonuses

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Self-Employed

If you own your own business, whether is a sole proprietorship or a corporation, please provide the following income documents:

  • Two years T1 General tax returns (all pages)
  • Two years Notice of Assessment from Canada Revenue Agency

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Retired & Investment Income

If you are retired, or are working but also receive a pension and/or investment income, please provide the following:

  • Two years T1 General tax returns (all pages)
  • Two years Notice of Assessment from Canada Revenue Agency
  • Most recent T4A statement of Canada Pension Plan
  • Most recent T4A statements for all other pension income
  • Two years T5 (statement of investment income)

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– Downpayment Documentation –

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High Ratio Purchase (Less than 20% down)

  • 90 days bank statements when using own funds (savings, RSP, TFSA, investments)
  • Gift Letter when receiving a gift from immediate family (broker will provide lender issued gift letter to complete and sign)
  • Confirmation of gifted funds deposited into your account

Important to note for High Ratio Purchases: lenders also require that the borrower show they have 1.5% of the purchase price available for closing costs.  This is in addition to the minimum 5% down.  Closing costs can be from own savings, or a gift from family.
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Conventional Mortgage (20% or more down)

  • 90 days bank statements when using own funds (savings, RSP, TFSA, investments)
  • Gift Letter when receiving a gift from immediate family (broker will provide lender issued gift letter to complete and sign)
  • Confirmation of gifted funds deposited into your account

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– Property Documentation –

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Subject Property

Most of the subject property documents can be sent to us directly by your Realtor.  These include:

  • Contract of Purchase and Sale signed by all parties
  • Property Disclosure Statement
  • MLS Listing
  • Conditions Removal Addendum
  • Copy of deposit cheque
  • Strata Documents when applicable including Form B

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Other Owned Properties

If you own any other properties, you will also need to provide the following:

  • Current mortgage statement – must show your name and the property address
  • Most recent property tax statement and confirmation that taxes are paid up to date
  • Copy of the lease or rental agreement for rental properties or secondary suites in a primary residence
  • For rental properties, confirmation by way of bank statements showing rent deposits for 3 months

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– Other Documentation –

The following is a list of additional documents that the lender may request if you are applying to purchase a new home or refinace a mortgage in BC:

  • Separation agreement in the case of the applicant being separated or divorced, must be notarized or prepared by a lawyer and signed by all parties
  • Confirmation of collections paid, in the case of derogatory debts on the credit bureau
  • Confirmation of Permanent Resident status for persons who are new to Canada
  • 12 months confirmation of rent paid and utility bills, in the case of an applicant having minimal credit history on their credit bureau
  • For applicants on maternity/parental leave, a letter from their employer stating their return to work date and guaranteed rate of pay and hours
  • 12 months investment statements to confirm net worth when requested by the lender
  • A void cheque or pre-authorized debit form to set up your mortgage payments

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Documentation Tips

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Lenders will not accept any documents that have been redacted in any way (information blacked out, crossed out, or cut off).
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Always scan/upload all pages of each document. Missing pages will likely be requested by the lender, so this eliminates additional back and forth.  Also be careful to scan the full document – often we receive documents that are cut off on the top or bottom and have to request a new copy.
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Screenshots of your bank balance from a mobile device will not be accepted by the lender. Ensure you provide an official bank statement, clearly showing the financial institution and account holder’s names.
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Ensure you are providing the most recent/current documents.  A paystub from 6 months ago, for example, is not current. However a paystub from within the last month would be acceptable.  If your financial institution only sends out investment statements quarterly, you may need to also print a current one online.
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Downpayment funds from own savings/investments must be in the accounts for a minimum of 90 days.  All large deposits must be explained and additional documentation provided to show the source of the funds.  Try not to move funds around between accounts once you start a mortgage application.
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FAQ’s


Q:  How do I get the documents to you?  What format should they be?

A: You can upload documents directly into your application via the link we emailed you.  Or, you can email them to us directly at docs@olympicmortgages.ca  When emailing documents please put your LAST NAME in the subject line.  If you are unable to scan the documents or simply have too large a package to send electronically, you may drop them off at our office. We will scan the documents and get the originals back to you.

Formats that are acceptable include: PDF and JPEG (a photo) as long as they are high enough resolution to be readable on a computer screen.

Q: What do you mean by “property tax notice”? Is that the BC Assessment notice I receive in the mail?

A: No, we do not need your BC Assessment notice.  We only need your property tax bill, which is issued by your municipality.


Q: What if I can’t find copies of my Notice of Assessment (NOA) or T4?

A: We can order these on your behalf via Snap NOA.  You will receive an email asking for your permission for temporary read only access to Canada Revenue Agency’s database where they will retrieve your NOAs & T4s.


Q: What do I do if I can’t find my T1 general tax returns?

A: You can either ask your accountant for copies, or if you prefer you can give you accountant permission to send us copies directly.  In most cases if you email your accountant and give them permission to speak with us, we can let them know exactly what we need and receive it on your behalf.


Q: Where do I get 12 months of investment statements? 

A: If you don’t have these on file or cannot access them online, we will be happy to coordinate with your financial advisor if you give them permission to release your statements to us.


Q: I don’t have a void cheque (to set up mortgage payments), what should I do? 

A: Contact your bank and ask for a pre-authorized debit form. Many banks will allow you to print one off from your online banking portal.


Q: How do I get a copy of my mortgage statement? 

A: By law, your lender must send you an annual mortgage statement in the mail.  If you have misplaced it, you can usually print one off via your online banking, or you can contact your bank branch and request one.


Q: My spouse and I are separated but we don’t have anything formal in writing. What can I provide?

A: Let us know right away and we will inform the lender. In most cases the lender will condition for the client to sign a statutory of declaration with their lawyer confirming the information stated (re: alimony or child support payments) is correct.
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