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Instead of focusing solely on rates when you are shopping around for your mortgage renewal, the smarter thing to do is to review your mortgage needs and financial goals. After a period of time, when you have finally paid off part of your mortgage while building up your home equity, you should consider refinancing and gain access to the funds you need. It’s the perfect time to refinance in your mortgage renewal process since you are not breaking your mortgage term and thus won’t occur any penalty.

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.