CHECKLIST OF ITEMS NORMALLY REQUIRED FOR MORTGAGES ON PROPERTY PURCHASES
PROCESSING FEE: Conventional Mortgage - $150 Lending Institution High Ratio Mortgage - $150 Lending Institution / $75 Payable to CMHC or GE
PROPERTY APPRAISAL: If a property appraisal is ordered by the lending institution an additional cost may be charged to the applicant.
ACCEPTED INTERIM AGREEMENT: Must be signed by all parties.
INCOME VERIFICATION: * Regular wage or salary positions – an employment letter verifying the date hired, position and annual income. * Commission Sales – 3 years of personal tax returns. * Self-Employed – 3 years of personal tax returns and 3 years of complete financial statements. NOTE: Ownership of 20% or more of a company classifies an applicant as self-employed. NOTE: T-4’s are not adequate alternatives for tax returns.
VERIFICATION OF DOWN PAYMENT: a. If the down payment is on deposit at the Lending Institution, the applicant need not provide additional confirmation. b. If the down payment is from another financial institution, a copy of the passbook, statement or confirmation of maturing investment is required. c. If the down payment is from the proceeds of a sale, a copy of the subject-free interim agreement (signed by all parties) is required. d. If the down payment is a monetary gift from relatives, a signed “Gift Letter” requiring no repayment of funds is adequate.
PROPERTY SITE SURVEY: The property site survey is required unless the property is strata-titled or on acreage (1/4 acre or larger). If this cannot be obtained by the Realtor, vendor or municipality, the solicitor will instruct a surveyor to have one done.