It is that time of year again! Home buying and the spring market are in full swing! People all across the country are starting to ask questions about buying and selling their homes.
In recent years, there have been measures put in place to protect you, the consumer, and the lender from attempts at fraud. This means more and more documentation is being requested to complete your mortgage.
If you are thinking of buying a home, here are some of the documents you will need to have:
Void Cheque
In order to take know which account to remove payments from, we need a void cheque or pre-authorized debit form from the account you wish to make mortgage payments from.
Income- Self Employed
More and more frequently self-employment is an important source of income. If you are self-employed the lender does require proof of your income. These are the specific documents they look for. Both of the documents below can be found with your accountant and are important to completing the mortgage process
- 2 years T1 Generals
- Business License or Article of Incorporation
Income- Not Self Employed
If you are not self-employed, there are three documents we will need.
- A letter of employment from your employer
- Two most recent pay stubs
- The last two years Notice of Assessments
Both the letter of employment and pay stubs are only acceptable for 60 days. Until you know when your closing date is on your purchase or refinance, don’t worry about getting your letter of employment and pay stubs.
Picture ID
Each person who does a mortgage with us must bring in a piece of picture ID. This can include driver’s licenses and passports. Health cards are the only invalid form of photo ID.
- Proof of your Downpayment
These documents will vary depending on where your downpayment is coming from. If you are receiving a gift, a gift letter will be required.
Traditionally a downpayment comes from your own bank account or investments. If this is the case, a 3 month history of the account will be required showing the account number, the name of the financial institution and your name.
Contact details for your Lawyer
For most mortgage transactions a lawyer will be required. If you do not have a lawyer, our office works with some great ones which we are happy to refer.
Current Mortgage Statement
If you already own a home, a statement for your mortgage will be required. These are usually mailed to you annually or you can print them online.
Property Tax Bill
If your lender does not collect the property taxes for you, we will also need a copy of your property tax bill from the township. It is important to note the bill needs to show no balance outstanding.
While having these documents prepared and at hand may seem pre-emptive, it will make the process so much easier. Rather than scrambling to compile everything in a rush, having these documents organized in advance will significantly improve your home buying or refinancing experience.
More than Enough is a team of financial fitness coaches and trained mortgage agents working together to help you live free of debt, find joy in giving and experience a life of abundance. If you are looking for a Christian mortgage agent or financial advice, please visit our “Contact Us” page.