DOCUMENT CHECKLIST

Salaried employee purchase

The standard file. Get all of it before you submit and the commitment comes back clean.

All checklists

For a salaried or hourly employee buying a home. Lenders vary slightly, so treat this as the full pack and drop what a specific lender does not need.

Income

  • Letter of employment on company letterhead, dated within 30 days: position, start date, salary or hourly rate and guaranteed hours
  • Two most recent pay stubs
  • Two most recent T4s
  • Two most recent notices of assessment if bonus, overtime or commission income is being used
  • If on probation or newly started: offer letter and confirmation probation is complete or waived

Down payment

  • 90 days of bank or investment statements showing the full down payment, every page, with any deposit over about $2,000 explained
  • Gift letter on the lender's form if any part is gifted, plus proof the gift has been deposited
  • RRSP statement if using the Home Buyers' Plan
  • Sale agreement and mortgage statement on a current home if the equity is the down payment

Identity and property

  • Two pieces of government identification, one with a photo
  • Void cheque or direct deposit form for the account payments will come from
  • Purchase agreement, or the current mortgage statement on a refinance or renewal
  • MLS listing and property tax bill, and the strata or condo documents if applicable

Three things that stall this file

A letter of employment without guaranteed hours, a bank statement with a large unexplained deposit, and a gift that has not landed in the account yet. Ask for all three on day one.

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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