STEP 1. INCOME CONFIRMATION
- Employees will need a letter of employment (LOE), and their 2 most recent pay stubs from a major pay company. If not, lender may ask to see your account records or proof of direct deposit
STEP 2. LETTERS OF EMPLOYMENT
- LOE must be on letterhead and confirmyour salary, guaranteed hours, wage, position title and start date.
- Include contact information of the person signing.
- If self-employed you will need T1 generals, business registration & company financials if incorporated.
STEP 3. PAYSTUBS
- Should show your hours, your pay scale, your YTD (year to date)- this one way we can confirm income.
STEP 4. TAX RETURNS & NOA
- These are the documents you get back from the government after filing your taxes.
- A tax year is the year for which the information is provided, regardless of issue date. For example, if the tax year is 2014 and the issue date April 14, 2015, this is still your NOA for 2014. Line 150 income is the income that is used for the application. We use the income from the employment letter, but if you are paid hourly or receive commission or bonus, we take a 2 year average.*
- We may also need your T4.
- *If you are self employed, we take a 2 year average of the NOA on line 150. Depending on the lender and how your business is registered we may be able to gross up that number by 15-20%.
- 2 years of personal T-1 generals.
STEP 5. DOWN PAYMENT & GIFT
- 90-day history of the funds or 3 months of statements.
- Ensure your name is on the document, & that you provide an “account summary page,” which shows your accounts & account numbers to prove ownership. If your name is not on the document, the summary page should link your name to the account number.
- DO NOT move your money around during this time. Each time you do, you will be asked to explain why and provide proof of each big transaction.
If you would like to discuss a mortgage, feel free to get in touch.
Atrina – (778) 686-8142