Successful Closing Starts Here

Document Formatting

• Send documents in PDF format;
• Ensure all bank statements include your name, account number and bank name;
• Communicating via email will result in quicker response times;
• Send required documents all at one;
• Properly labeling your documents will speed up the process;
• Include all pages of your documents i.e, your complete tax return.

Material Changes

• Do not change jobs during the process;
• Do not obtain any new credit such as loans, lines of credit or credit cards;
• Do not spend your down payment. Keep it secure and readily available;
• Do not co-sign any credit for anyone;
• It is extremely important that nothing changes with your situation after you are pre-qualified and before your mortgage funds.

Down Payment

• Avoid multiple transfers between accounts;
• Out of country assets must be in Canada for a minimum of 30-90 days depending on the lender;
• Ensure RRSP's have been in the account for a minimum of 90 days, in order to use towards  Home Buyers Withdrawal;
• Lenders look for a 90-day down payment history to ensure the savings are accumulated and that the funds are not borrowed;
• Do NOT redact any bank account statements, alter, or void out any items on your statement;
• If you are receiving gifted down payment, please let us know up front;
• Gifted funds must be from an immediate family member (mother, father, sister, brother, sibling, grandparent).

Self-Employed Individuals

1. Sole Proprietorship - We will require the following:

• Copy of your business license;
• The last two years of your complete Personal Tax Return along with the statement of business activities;
• Previous two years Notice of Assessment 

• Articles of Incorporation;
• Last two years Financial Statements;
• Last two years of your full Personal Tax Returns;
• Previous two years Notice of Assessment.

• Most recent pay-stub dated within the last 30 days;
• Letter of Employment written on company letterhead stating your position, start date, guaranteed hours per week, and signed by the author;
• Last two years T4’s.

Credit History

• Dispute any errors that could hurt your score;
• Get free copies of your credit reports from either Equifax or Transunion;
• Pay all your bills on time, and keep credit balances as low as possible (preferably 50% below the limit);
• Do not obtain new credit, unless advised to;
• Ensure minimum credit is established (minimum 2 credit accounts with 2k limit for 2 years).

Miscellaneous

• When a co-signer is involved, consider 99/1% (tenants in common);
• If purchasing a principal home that is rented, ensure you get vacant possession;
• Work with a professional team (Mortgage Agent/Broker, Realtor, Lawyer, Home Inspector and get pre-qualified BEFORE shopping);
• Confirm your lawyer is insured to do real estate and has no disciplinary;
• When in doubt, ask!