ITEMS NORMALLY REQUIRED FOR MORTGAGES ON PROPERTY PURCHASES
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PROCESSING FEE:
- Conventional Mortgage - $150 Lending Institution
- High Ratio Mortgage - $150 Lending Institution or $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:
- If the down payment is on deposit at the Lending Institution, the applicant need not provide additional confirmation.
- If the down payment is from another financial institution, a copy of the passbook, statement or confirmation of maturing investment is required.
- 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.
- 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 attained by the Realtor, vendor or municipality, the solicitor will instruct a surveyor to have one done.