• Find all your tax info for the last 2 years (just in case we need to use overtime income, part time income etc or if you’re self employed.
    • Ensure your cheques (used for the pre-authorized withdrawals and account ownership confirmations) are pre printed and not blank without your name on top. Handwritten name and addresses are not acceptable by many lenders. Request printed cheques if you do not already have them.
    • Make sure you have a full 90 day history of the account or accounts where you’re holding your downpayment. If your downpayment is coming from multiple accounts, we will need all account histories, or if it’s being transferred from an RRSP etc make sure you have an older statement to prove the funds are over 90 days old. This is to satisfy Canada’s anti-money laundering laws.
    • Gifted downpayments are allowed if from an immediate family member (parents or siblings only). If it’s not from immediate family, the bank considers this downpayment to be borrowed and we must factor in the cost of this loan into your overall debt servicing which can affect how much you can borrow.
    • Ask your employer for a job letter now. The job letter should state how long you’ve been at your job, your annual income if you are salaried or your hourly rate and how many hours you are PAID for each week.
    • Child tax benefit income is allowed by most lenders, but not all. Have birth certificates ready so that we may prove your child’s age and the continued receipt of this money.
    • Spousal alimony may only be used if its court ordered and we must show a 3 month history, have the separation agreement ready.
    • Keep all your pay stubs, all bank statements, all Gv’t cheque stubs etc from now until you’re formally approved.
    • If you’re self-employed, it’s always a good idea to sign up with Revenue Canada’s online service in order to access all your tax info online. Please phone Revenue Canada and ask for an “E-Pass” and password to be sent.
    • Ask your Realtor for 7 BUSINESS DAYS for “subject removals” this will ensure we have time to formally get you approved BEFORE you pay for an inspection or any other out of pocket expenses.

Leave a reply

Cancel reply