Required Documents

Required Documents before mortgage closing
 A Loan Officer will start work on your file right away. To speed up the approval process and advise you properly please forward the following information by email to mortgage@AquityMortgage.com or by fax to (647) 726-6130:
   
For Everyone:
 recent pay stub for each applicant
  • most recent T4 and/or Notice of Assessment for 2-3 years
  • and/or any alternative income confirmation (eg. bank statements, commission statements, T1 General, or other)
 For Refinances:
  •  most recent property tax statement
  • current mortgage statement for the existing mortgage(s)
Information can be sent via fax to (647) 726-6130 or email to mortgage@AquityMortgage.com
 
For Purchases (when an offer is made or will be):
 
For purchases we will require a complete and executed copy of your Purchase and Sale Agreement.  If you are selling your current home, we will require the same for that sale as well.
  • Employment Letter (that included start date, position, salary or wage and eligibility for overtime if needed) for each applicant.
  • Most recent Pay Stub for each applicant with Year To Date total on them
  • Your last 2 years (3 preferably) Notice Of Assessment (NOA) from the Canada Revenue Agency (CRA) or T4's from your employer(s).  If you do not have these then you will need to call CRA at 1-800-959-8281 and have them send another copy.  This can take up to 2 weeks.
  • Proof of your Down-Payment from your Own Resources which must include 3 months account history (any large deposits over $2,000 must be explained as to the source and documentation provided) showing regular deposits.
  • If your Down-Payment is from a Gift then you will need to provide a Gift Letter stating whom the gift is from, the total gift, the relationship to the person gifting the money (generally must be immediate family), the institution the gift is currently held and proof of this gift.  The gift must be in your account no later than 15 days prior to closing.
  • If your Down-Payment is from a GIC, RSP or RRSP they must be free and clear (Not Borrowed) and verification must be shown.  RRSP's must be in a minimum of 90 days prior to closing, however they may be taken out up to 30 days after closing.
  • In addition to your down payment you will be required to provide Proof of Closing Costs which is approximately 1.5% of your purchase price.
  • Proof of payment of all debts required to bring the debt servicing in line with the lenders guidelines.
  • Prior to closing a mortgage the solicitor will order a Sheriff's Certificate and any outstanding judgements will be shown and must be paid prior to closing.  If you are aware of any potential collection, judgements or liens, we suggest that you pull your own Sheriff's Certificate to satisfy yourself that this will not be an issue.
  • When refinancing you must provide your current mortgage balance, the amount of the penalty and statement showing that you are up to date and in good standing.
  • A copy of the Photo ID (preferably digital photo) of all applicants will be required prior to finalizing your mortgage.
  • If you are separated you must provide a copy of your Separation Agreement that includes any support payment schedules or proof that no support is owing.
  • If you are in Business For Self (BFS) then you may be required to provide your Business Registration, recent HST Returns or Articles of Incorporation as proof of business for self.
  • Complete contact information for your chosen Solicitor.
 
If you have not completed a mortgage application please start below...
Information can be sent via fax to (647) 726-6130 or email to mortgage@AquityMortgage.com