DOCUMENT CHECKLIST

Refinance and equity take out

Same income pack as a purchase, plus the existing mortgage and what the money is for.

All checklists

For a client pulling equity out, consolidating debt or switching lenders mid term. Lenders cap a refinance at 80 percent of value and want to know exactly where the money goes.

The existing mortgage

  • Current mortgage statement showing balance, rate, maturity date and payment
  • Payout statement from the current lender, requested once a commitment is in hand
  • Details of any second mortgage, HELOC or lien on title

Purpose of funds

  • A written breakdown of where the funds go
  • Statements for every debt being consolidated, with balances and account numbers
  • Quotes or contracts for renovations if that is the purpose
  • Investment or business documents if funds are for those

Property

  • Property tax bill and home insurance
  • Appraisal, ordered through the lender's list once the file is submitted
  • Strata or condo documents if applicable

Income and identity

  • The full salaried or self employed income pack
  • Two pieces of government identification and a void cheque

What stalls this file

Consolidating debts without the statements. Lenders pay those creditors directly through the lawyer and need the account numbers, so collect every statement at intake.

Want a brokerage that processes the file for you?

At A.I.M.I. Collective deal processing and compliance are handled at head office. Book a call to see how a file runs here.

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