Once you have made an offer on a home and it is accepted you will need to provide certain documents to your Broker. Sending them in one email or fax with your offer, will speed up the approval process.

This is a list of what mortgage banks and mortgage companies will typically ask for:

1. Accepted offer with Realtor MLS listing (often your realtor will email or fax this for you)
2. Current Employment Letter and pay stub
3. Most Current two year Notice of Tax Assessments
4. 3 months detailed bank statements with your name on it. This will show accumulation of your down payment and closing costs. TFSA or RRSP down payments require a 90 day history along with confirmation of redemption.
5. If your down payment is a gift, we will provide you with a gift letter that you can fill out. You will need to show the deposit into your bank account.
6. Copies of two pieces of photo ID front and back
7. Void cheque
8. Lawyer information

Since every situation is different the bank or mortgage company may ask for additional documents supporting what you have already provided, ie. Separation Agreement, Bankruptcy Discharge paperwork etc.

If you are self-employed you will need along with items above besides #2:
1. Most recent two years T1 generals
2. Most recent two years Notice of Tax assessments
3. Business License or Incorporation Docs.

Frequently Asked Questions:
Q: Why do we need to get any outstanding documents in a minimum 10 days before closing?
A: In order to ensure the bank or mortgage company can prepare and send all the necessary documents to your lawyer for signing and closing, all listed conditions need to be sent in a minimum of 10 days prior to closing. This also helps in the case where a documents is not satisfactory, not leaving it until the last minute we can fix anything that may come up. To ensure no delays in closing please send your documents in one email or fax with your offer.

Q: Why do we ask for 90 day history of funds for down payment?
A: Due to AML ACT Anti-Money Laundering Legislation, any funds being used to purchase property in Canada, you must provide a 90 day history. Any large deposits must also show a full 90 day history. The statements must be detailed and show your name to prove the account is yours.