What documents are required to get a mortgage? Then vs. Now

In the past, we required the following to commence a file:

• Signed Application
• Photo ID
• Preliminary form of income validation (paystub if salaried or previous year NOA if self-employed)

Since January 1, 2018, the new government imposed mortgage rules requires us to collect more documents up front:

•      Signed Application
•      Photo ID
•      Salary Letter from Employer
•      Recent paystub (within 30 days of application)
•      Previous years T4
•      Last two years Notice of Assessments from CRA if Self Employed
•      Last two years T1 General filed with CRA if Self Employed
•      Articles of Incorporation or Business License if Self Employed
•      6-12 months Business Bank Statements if Self Employed to validate active business activity
•      2-4 actual invoices to match deposits in bank Statements
•      Property Tax Statement if existing homeowner
•      Current Mortgage Statement if existing homeowner

However, required documents vary from case to case. Please chat with us so we can do the heavy lifting for you.