Mortgage Closing Costs

Information about Canadian Mortgage Closing Costs

Basic Information you need

• Social Insurance Number – SIN
• Employee Job Letter. Proof-of-employment document must have job title, start date, salary, the fact that you are a full-time permanent employee. It must be on company letterhead, must be dated and must have the complete contact information of the signing authority.
• Income
• Previous Employer (if current employment is less than 3 years)
• Age / Date of Birth.
• Number of dependants (children, parents).
• Name and address of the bank you deal with.
• Copy of photo identification such as driver’s license, passport or other government ID.
• Credit score – is accessed by the lender to qualify for the mortgage. (Your written consent is required for the lender to do this).

Asset and Liabilities Documents

Documentation of loans such as credit cards, car loans, mortgages, student loans and other debts you must repay may be required.

Income Verification Documents

• 3 Most recent pay stubs or pay slips showing amount you earned this year to date
• Letter confirming your employment.
• If you get paid hourly, then the letter must state hourly rate and hours you work per week
• If you get paid a regular salary then the letter must state the amount you get annually (per year)
• T1 General Income Tax Form – most recent copy.
• Notice of Assessment for any self employed or interest income. Must be from the most recent tax return to show if there are any taxes owed.
• Financial bank statements to show deposits of pay cheques

Real Estate Property Documentation

• Mortgage Statement showing outstanding balance and product terms
• Agreement of Purchase and Sale for purchases (i.e. the actual offer)
• All waivers for conditions for purchases
• Appraisal documents for purchases
• Home inspection report