DOCUMENT CHECKLIST

Rental property purchase or refinance

The usual income pack plus proof the property, and every other property, pays for itself.

All checklists

For a client buying or refinancing a one to four unit rental. Five or more units is commercial, use the commercial checklist. Lenders add rental income using an offset or add back, and they want the whole portfolio.

This property

  • Signed lease or leases, or a market rent letter from an appraiser if vacant
  • Proof of rent received: three months of deposits or a rent ledger
  • Property tax bill, and strata or condo documents if applicable
  • Insurance quote or binder for a rental
  • Purchase agreement and MLS listing, or current mortgage statement on a refinance

The rest of the portfolio

  • A property schedule: address, value, mortgage balance, lender, payment, taxes, rent, for every property owned
  • Mortgage statements for every property
  • Leases or T776 rental statements from the T1 General for every property
  • Property tax bills for every property

Borrower income and down payment

  • The full salaried or self employed income pack, see those checklists
  • 90 days of statements for the down payment, which cannot be gifted on most rental programs
  • Two pieces of government identification and a void cheque

What stalls this file

Missing the property schedule. Lenders will not underwrite a rental without seeing every other property, and clients with several never have the numbers in one place. Build the schedule on the first call.

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.

Book a discovery call