Required Documents...
Personal Information Required
- Completed in "FULL" our mortgage application
- (2) Two pieces of identification from each of the applicants
- Current letter from all employers which must include:
- Company letterhead
- All employer contact information such as, full name, phone, address, email, etc.
- Start Date
- Position
- Job Description
- Job status
- Frequency of pay
- Type of pay
- Confirmation of continued employment
- Any bonuses and/or additional funds
- Must be signed by employer
- Last 3 months (prefer 6 months) pay stubs - showing current and year-to-date
- Last 3 months (prefer 6 months) confirmation of any & all disability/pension income
- Marriage Certificate
- Details of income from child support - verifiable statements
- Details of income of spousal support - verifiable statements
- Last 3 years of tax returns
- Last 3 years of Notice of Assessments from CRA
- Current statements from ALL credit cards held
- Minimum last 3 months (prefer 6 months) to current date, bank account statements from the accounts that the downpayment is coming from
- Current statements verifying all RRSP account information
- Current statements verifying saving bonds, GIC's
- Details of income from trust and investment funds (last 3 months - prefer 6 months)
- Details from any and all sources of income
- Current copy of appraisal - to be ordered by us and paid by borrower
- Current copies of all credit cards, loans, liens, CRA outstanding debts
- Copy of insurance - at completion to show lender as first payable
- Gift letter if downpayment is a gift from family member - as per guidelines
(Gift must be accompanied by verification of source - ie 3 months bank account verification) - If self employed in addition please refer to the "Business For Self" section
- Copy of Legal Separation Agreement
- Copy of Divorce
- Copy of Discharge from Bankruptcy
- Copy of Child Maintenance Orders
- Copy of Spousal Support Orders
New Immigrant Information
Above plus:
- Country of origin
- Verify source of funds from country of origin
- Letter of comfort from country of origin bank
- Country of origin credit report (current)
- Contract with Canadian employer
- Canadian employer authorization for lender to contact new employer of employment
- Authorization from borrower to verify employment to lender
- Verification from Canadian bank account
Refinancing, Equity Take Out, Adding Second/Third Mortgages
Above plus:
- Current copy of all mortgage documents
- Current copies confirming all mortgage account status
- Current copy of BC Property Assessment
- Current copy of property taxes showing any and all amounts owing
- Verification documents showing property insurance status
Purchasing Property
Above plus:
- Require full signed contract of purchase and sale of property by all buyers and sellers to the contract (if private, contract to be approved by buyers lawyer)
- Full legal, civic addresses, PID, postal code
- Room measurements
- Building construction type
- All addendums and changes to contract as they occur and are satisfied as well as conditions removed
- Copy of the MLS listing (if not MLS then front, back, and side pictures)
- Copy of current Notice of BC Property Assessment
- Copy of real estate office listing
- Environmental assessment level 1 clearance
- If on well provide water testing including water flows, GPM, portability approval
- If building is on lease land additional documents are required
- If for sale by owner, pictures of front, backs, side, measurements, and description
- Upon subject and condition removals copies of all such
- Full legal names and addresses of sellers
- Title search
- Current copy of appraisal - to be ordered by us and paid by borrower
- If strata - age restrictions, rental restrictions, pet restrictions
- If strata - Form 1 &/or Form B, minimum last 24 months strata meeting minutes, current strata financial statements
- Map / Drawings of strata unit showing unit number being purchased
- Survey certificate - if available
- Title insurance upon purchase at time of conveyance
- Name of Realtor and Real Estate company
- Name, address, phone, fax, email of Solicitor / Notary
(please ensure they are on our approved lender list)
Business for Self
Above plus:
- Profit and Loss Statements minimum 3 years - prefer 5 years
- Self Declared Letter of Income
- Operating expense statement minimum 3 years - prefer 5 years
- Past 3 years full T1 or T2
- Statement of Business Activities T2124E (part of T1)
- Current Business Plan ( 1 year and 5 year plans)
- List of Capital Assets
- List of Depreciated Value
- List of Inventory
- List of Equipment
- List of Supplies
- Business Registration
- Business Licenses
- CRA business numbers
- Copy of incorporation documents
- Last 12 months of all company bank statements
- List of company lawyers
- List of company accountants
- Copy of premise lease
- Copies of equipment leases
- Copies of all trade accounts
- GST - Remittance form and payment verification
- PST - Remittance form and payment verification
- Payroll remittance form and payment verification
- WCB - Remittance form and payment verification
- Copy of Purchase and Sale Contract ( if applicable)
- Copies of existing mortgage and loan documents (if applicable)
- Current copy of Appraisal
- Attach current CV or Resume
Investments
(Assorted Business Activities)
Above plus:
- Operating expense statement minimum 3 years preferred 5 years
- Copy of Professional Activities T2032
- Copy of Farming T2042
- Copy of Fishing T2121
- Copy of Rental Income T776
Construction Projects
Above plus:
- Standard loan application:
- Personal on all applications
- Corporate only on incorporate companies
- Net worth statement of all parties
- 3 Years income verification via tax returns
- 3 Years corporate financial statements
- 3 Years T2124
- Purchase agreements
- MLS information sheet (if MLS sale)
- Detailed construction Budget
- Construction blueprints
- Estimate of the finished value of the project
- Resume / CV of the builders qualifications to build
- Satisfactory level 1 environmental assessment
- Copy of strata documents
- Survey certificate
- Copy of lot size and dimensions
- Copy of approved zoning
- Copies of all contract addendums, condition removals, and any & all contract changes
- Current full appraisal as is
- Estimated full appraisal upon completion
- Detailed contact information for all related professionals
(ie. lawyers, accountants etc.)
STANDARD RESIDENTIAL APPRAISAL REQUIREMENTS
Above plus:
All appraisals will be completed by an accredited appraiser (CRA or AACI) and will be submitted on standard appraisal institute forms with the following attached to the appraisal:
- External photographs - front, side, back of all buildings
- Internal photographs - must include "all" rooms
(notify occupants prior to viewing this) - Photographs of any problems noted by appraiser
- State if property is owner occupied or rented or combination
- If property is occupied other than owner then economic rent must be indicated
- Appraisal report must confirm that all rooms have been viewed
- Appraisal is valid for ONE month
(subject to adjustment as per individual lender guidelines maximum mayb be up to 3 months on a case by case basis) - Appraisal must have FINN LARSEN MORTGAGE SERVICES as other intended user
- Appraisal report must confirm minimum life of property at least 5 years more than the amortization
- Property is conforming to city and regional by-laws
- New condo developments require a minimum of 2 outstanding comparables
- Existing buildings require a minimum of 1 outstanding comparable
- If adjustments are greater than 10% of the subject property value, an explanation must be provided
- Minimum of 3 of each interior, exterior, and street scene photos required
- Valuation must be for 90 day sale period
- Adjustments on comparable sales must be no more than 25% for gross and 15% for net (unless accompanied by adequate explanation)
- Plot plan showing location of building upon property
- Street location mapping
- Zoning information
- 7 Years of MLS history of surrounding properties
- Aerial location mapping
- Floor map layout
- Full MLS information and non-pictures of sale comparables which is to be no older than 6 months
- 7 years of listing and sales by address
- Map showing locations of comparables and subject property
- Only the first 5 acres will be considered for valuation purposes
- If rural property the GPS coordinates (preferred)
- The appraiser to note the answer to the following questions in the appraisal:
- Who was at the property when appraised?
- Is the owner of the property aware there is a refinance or sale taking place on the property?
- If vacant; How was access granted?
- The appraisal must list the following:
- Actual marketing times for comparable sales listed
- Projected marketing time for subject, based upon appraised value
- Vacancy rates required on multi unit dwellings (2-4 units)