Chris Shortt
Mortgage Broker
BRX Mortgage Inc.
BCFSA X301291
Licence MB612777
What you will need
I am a mortgage broker in Nanaimo, and the single biggest thing that keeps a file moving is having the right documents at the start. Here is what lenders typically ask for.
A lot of mortgage stress starts when not everything is collected at the start. The lender asks for one more document, then another, and each request adds days.
This is the typical list. Your actual list will be built around your situation, and if something here does not apply to you, I will tell you.
What lenders usually ask for depends on how you are paid.
| Letter of employment | A current letter from your employer. |
| Pay stubs | Your two most recent. |
| Tax documents | T4 slips for the last two years, or your full T1 General tax returns and Notices of Assessment for the last two years. |
| Job status | A current contract or letter of employment. |
| Tax documents | Full T1 General tax returns and Notices of Assessment for the last two years. |
| Business licence | If your business has one. |
| Business bank statements | Usually 6 to 12 months. |
| Tax documents | Full T1 General tax returns and Notices of Assessment for the last two years. |
| GST registration | If applicable. |
| If incorporated | Articles of incorporation and two years of business financial statements. |
| Rental income | Lease agreements, and a full T1 General showing your statement of rental income. |
| Support payments | Your separation or divorce agreement, and three months of bank statements showing the deposits. |
| Canada Child Benefit | Your notice from the CRA, and three months of bank statements showing the deposits. |
| Pension income | T4A, T3 or T5 slips for the last two years. |
Lenders need to see where your down payment and closing costs are coming from.
| Savings or investments | 90 days of statements showing your name and account number. Deposits over about $2,500 will usually need to be explained. |
| A gift from family | A signed gift letter confirming the money does not need to be repaid. I can give you a template. |
| Selling a home | The firm purchase and sale contract for the home you are selling, and your current mortgage statement. |
| If you are buying | The listing and your accepted purchase and sale agreement. |
| If you already own | Your current mortgage statement and your property tax statement. |
If the home is a strata, or is on a well or septic system, extra documents may be needed. I will tell you which ones early.
| Identification | Two pieces, and one must be government-issued photo ID. Health cards cannot be used. Most people provide a driver's licence and a credit card with their name on it. |
| A void cheque | For the account your mortgage payments will come from. |
Please do not send financial documents or identification by regular email. I will give you a secure way to upload them.
If you are ready to apply, you can start your application through the secure platform used by BRX Mortgage Inc.
Every lender and every file is different, and lenders may ask for more. This list is a typical starting point, not a guarantee of what will be needed.
Nothing to fill in first, and no credit check to book. Bring whatever questions you have got.