Mortgage Renewal Document Checklist

Important Disclaimer

This checklist is provided as a general guide  to help you understand the typical documents required for a mortgage purchase application. Every borrowers situation is unique, and additional documentation may be required based on your specific circumstances, employment situation, down payment source, and chosen lenders requirements. This is not an exhaustive list, and the actual documents needed may vary. We will work with you to determine the exact documentation required for your

situation.

Property Documents

  • Current mortgage statement showing:
  • Outstanding balance
  • Payment amount and frequency
  • Current interest rate
  • Maturity date
  • Current property tax bill or assessment
  • Current home insurance policy


If strata property:

  • Current strata fee statement


Required Personal Documents

Government-issued photo ID

Void cheque or pre-authorized debit form


Income Documentation

If You're a Salaried Employee:

  • Letter of employment on company letterhead (must include):
  • Your position
  • Length of employment
  • Current salary
  • Most recent pay stub
  • Most recent Notice of Assessment from CRA


If You Have Variable Income (Hourly, Overtime, etc.):

  • Letter of employment on company letterhead
  • Most recent pay stub
  • Last 2 years Notice of Assessments from CRA
  • Last 2 years T4s


If Self-Employed:

  • Last 2 years full T1 General tax returns (all pages)
  • Last 2 years Notice of Assessments from CRA
  • Statement of Account from CRA showing $0 balance
  • Last 2 years company Financial Statements (if incorporated)
  • 6 months of business bank statements
  • Proof of self-employed status for 2+ years (Business License, Articles of Incorporation, etc.)


Additional Documentation (If Applicable)

If You Own Other Properties:

  • Current mortgage statement(s)
  • Property tax bill(s)
  • Lease agreement(s) if any properties are rented


If Receiving Additional Income:

If receiving rental income:

Current lease agreements

90 days bank statements showing rental deposits


If receiving child support/benefits:

  • Child support documentation
  • Canada Child Benefit letter
  • 3 months bank statements showing deposits


Final Steps (To Be Arranged):

  • Lawyer/Notary contact information
  • Updated property insurance with new lender listed as loss payee
  • Payout authorization form


Important Notes:

* All documents must have your name clearly shown

* Do not alter or black out any information on documents

* Electronic copies are accepted

* Your privacy and security are our top priority

* Providing documents early helps ensure a smooth renewal process

* If you're considering refinancing at renewal, please let us know as additional documentation may be required


Benefits of Reviewing Your Renewal Options:

  • Potential for better interest rates
  • Opportunity to review your current mortgage features
  • Possibility to restructure your mortgage to better suit your needs
  • Access to a wider range of lenders and products


Need help or have questions? Contact Tim Lyon directly at 778-988-8409