Documents Needed by Lenders

For different employments, lenders need different documents. Most lenders classify 2 types of borrowers based on their jobs, salaried employment and self-employment.

  A.  For Salaried Individuals: most lenders only want 2 of income proving (No.1 ~ 4 below) plus No.5

  1. T4 (T4A for commission earning)
  2. Notice of Assessment
  3. Recent Pay Stub
  4. Income Tax Return (T1)
  5. Letter of Employment

 

  B.  For Self-Employed Individuals

  1. Personal Tax Returns for the past 3 years, including schedules
  2. Notice Of Assessment for business or personal
  3. Signed Income Statement & Balance Sheet
  4. Audited Financial Statement or Business Tax Return
  5. Business Credit Report
  6. Articles of Incorporation

Except the income verification, the lenders need your property and down payment information:

  1. Purchasing agreement with all amendments
  2. MLS listing feature sheet for MLS listing home
  3. Receipt for deposit paid to the purchasing
  4. Appraisal report if needed by the mortgage insurer (CMHC or Genworth)
  5. 3 month bank statements showing your having adequate down payment