We will help you ensure that you successfully produce the documentation requirements by preparing you in advance. This allows us to provide competitive financing while saving you the hassle and stress of a useless mortgage approval based on inaccurate information.
It is important to note that for the purpose of your mortgage application,partners at a law firms, medical professionals, and people who own 20% or more of a corporation are deemed as self-employed. Individuals who derive a large portion of their income from an investment portfolio or trust are also usually required to provide self-employed supplementary documentation. Senior executives and individuals with a personal taxable income in excess of $500,000 per year are also subject to the same income review that business owners face.
Being prepared with all documents at the time of application will ensure a speedy and stress-free application process.
Depending on the type of mortgage you are applying for and how you earn your the majority of your income, you will need to organize and prepare a slightly different set of documents. Some are required before an approval can be issued and some are simply required prior to completion of your mortgage file with the lender.
Documents required will vary depending on which of the following categories you fall into:
In some situations, lenders may also require Business Financial Statements – most recent 2 fiscal years (Income Statement, Balance Sheet, etc.)
Corporate Financial Documents such as Business License, Articles of Incorporation and/or Business HST Registration & Returns.
In some cases additional documents may be required. Here are a few common scenarios:
it all starts with an application
The best way to ensure a fast, stress-free mortgage financing experience is to complete your mortgage application file within ten business days of approval. I look forward to helping you with your application!