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Paperwork for My Mortgage

Congratulations! Your offer to purchase has been accepted! Now it’s time to meet with an advisor for your mortgage financing.

You must bring certain documents with you to this meeting, depending on what your employment situation is. If you’d like to be well prepared and speed up the process at the same time, click here for a list of the documents you must bring (PDF format) with you.

Watch out! Some documents have specific requirements. Here are some additional requirements for proofs of down payment. There may be other options available to you. Contact your advisor to learn about your options.

+ Bona Fide Savings

  • Recent bank statement (last 3 months of activity) in the client’s name establishing gradual savings / regular deposits.
  • Recent certificate of deposit or investment (in the last 6 months) in the client’s name.
  • Recent account statement (in the last 6 months) in the client’s name to evidence the value of portfolio assets.

+ RRSP

  • RRSPs must be cashed and not originate from a loan. Only the principal repaid on the loan is eligible for down payment.
  • FTQ RRSP (in Quebec only): use all other available RRSPs before funds can be withdrawn from the FTQ.
  • RRSPs without home buyers plan (HBP): lessen the RRSP amount by the tax deduction:
    • Provincial (Quebec): 16% regardless of the amount.
    • Federal:
      • $5.000: 5%.
      • $5.001 to $15.000: 10%.
      • $15.001 and more: 15%.
  • Account statement in the client’s name.

IMPORTANT NOTE: A locked-in RRSP, such as an employer pension plan, REGOP and LIRA, are not eligible.

+ Income Tax Refund

  • A tax refund, whether or not the RRSP contribution was funded by a loan, is one of the sources of funds deemed part of the borrower’s resources and therefore qualifies as a traditional down payment.
  • The loan taken out to contribute to the RRSP does not need to be secured by proven assets since a tax refund may be attributable to other factors. It must, however, be taken into account when calculating the TDS.
    • Notices of assessment (federal and/or provincial). AND
    • Recent bank statement (last 30 days) in the client’s name substantiating the encashment and availability of funds.

+ Inheritance

  • The succession has to be settled.
    • Copy of the will and testament confirming the inheritance bequeathed to the borrower and the recent account statement (last 30 days) in the client’s name establishing the encashment and availability of funds. OR
    • Notarized document confirming the division of property.

+ Sale or Refinancing of another property

  • The sale of a property must be substantiated with the three (3) documents below:
    • Duly completed offer to purchase accepted by the parties.
    • Copy of the buyer(s)’s unconditional finance approval. If the property is purchased in cash, we must hold a letter of capacity from the buyer’s financial institution.
    • If the sale is completed, hold the proof of deposit into the account, deed of sale or notary’s distribution.
    • Recent mortgage statement (in the last year) in the client’s name substantiating the balance owing and net equity after the sale of the property.
  • Copy of the borrower’s refinancing approval. AND
  • Recent mortgage statement (in the last year) in the client’s name substantiating the balance owing and net equity after refinancing. OR
  • Recent bank statement (last 30 days) in the client’s name substantiating the balance available from the equity withdrawal and bank statement in the donor’s name or confirmation from the financial institution confirming the account withdrawal/capacity to make the donation.

IMPORTANT NOTE: Do not confirm mortgage loan balance by using the information listed in the borrower’s credit report since we do not have sufficient information to confirm ownership.

+ Land where property will be built with proof of payment

  • Copy of the deed of acquisition if dealing with a recent purchase.
  • Updated copy of the municipal tax account or the value attributed by the appraiser when appraising the construction project for the property if the client has owned the land for some time.

+ Unconditional gift from a member of the immediate family

  • The immediate family is defined as the borrower’s ascendants and descendants (parents and grandparents).
    • Duly signed gift letter (Mortgage loan – Confirmation of cash donation used as down payment for the purchase of a property (6310A)). AND
    • Proof of donor’s financial capacity (last 30 days bank statement in the donor’s name substantiating the availability of funds) or a letter of capacity signed by the financial institution (Form 6310A). OR
  • Bank statement in the borrower’s name establishing the deposit of the gift in the client’s account.

+ Loan secured by other borrower assets

  • A loan secured by an asset is a credit facility related to an investment or a security. The availability of the funds must be established.
    EXAMPLE: Line of credit (LOC) secured by an investment.
  • Recent LOC statement (last 30 days) in the client’s name establishing the balance and proof of guaranteed investment.
    EXAMPLE: Home equity line of credit
  • Recent home equity LOC statement (last 30 days) in the client’s name establishing the balance on hand.

+ Lease with purchase option

  • Payment made under a lease agreement with purchase option exceeding the market rent. The rent collected must be greater than the market rent and the monthly payment used to amass the down payment must be clearly stated in the terms of payment. The relevance of the rent must be assessed by a CMHC analyst. If the transaction is not carried out, the down payment must be returned in whole or in part to the tenant.
  • Copy of the duly signed lease stipulating the provisions of rent terms of payment and the down payment amassed. AND
  • Recent bank statement covering the term of the lease indicated in the borrower’s name establishing payment of rent and down payment amassed.

+ Equity grant

  • Grants from a federal agency used as down payment are eligible for CMHC-insured loans only provided they are non - repayable grants. Certain exceptions apply if the project is approved by CMHC.
  • Written confirmation from a federal agency evidencing the amount granted for the borrower’s down payment.

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