Mortgage Income Documents

Mortgage Income Documents are a big piece of the mortgage puzzle! We’re believers in gathering your mortgage income documents from the get-go.

Sorry! It’s not that we are trying to assign you homework, it’s because your lender will require these documents to fund your mortgage. Better yet, it allows us the opportunity to vet the file before speaking to mortgage lenders to find you the best approval. It’s important that any discrepancy or oddity is addressed as early in the process as possible.

Let’s tackle the grunt work from the get-go for your peace of mind during the mortgage process.

“Hard now easy later” is the motto!

While each lender has their own guidelines, the below list will still serve as a good reference.

Full-Time Salaried:
  • Employment letter
  • A current paystub
Working for Family:
  • Employment letter
  • A current paystub
  • 2-year average from the most recent NOA’s supported by T1 generals.
Fluctuating or Other Income: 
  • Employment letter
  • NOA or Year-end paystub or T4.
Part-Time or Seasonal (Guaranteed Hours): 
  • Employment letter indicating guaranteed weekly hours of work
  • A current paystub
Part-Time or Seasonal (No Guaranteed Hours): 
  • Employment letter confirming part-time or seasonal
  • A current paystub
Fully Qualified Self-Employment Income (Operating 2 Years +): 
  •  Income Tax Returns supported by NOA’s (2 years)
  • GST/HST Returns (2 years)
  • Audited or Accountant Prepared Financial Statements (2 years)
  • Articles of Incorporation or Business License  (Operating 2+ years)
Commissioned Sales (100% Commission or Base + Commission):
  • Employed: Employment letter and any two NOA or Year-End Paystub or T4
  • Self-Employed: NOA, T1, GST/HST Returns, Financial Statements (2 Years)
Contract Employment: 
  • Employment contract outlining employment detail and renewal potential
  • NOA, Year-End Paystub, or T4 – any two (2 years)
Maternity / Parental Leave:
  • Employment letter verifying the leave, return date, position, and salary.
Support – Spousal / Child:
  • Separation Agreement verifying the support payment
  • T1 and NOA or bank statements showing regular deposits
Short-Term Disability Insurance Income: 
  • Letter of employment outlining the return date, position, salary
Long-Term Disability Insurance Income: 
  • Letter from insurance company confirming long-term or permanent disability
Public Pension Income (CPP or OAS): 
  • T4-a, CRA pension statement, or recent bank statement (verifying amount, name, address)
Private Pension Income (Employer): 
  • NOA’s or T4-a (2 years)
  • Letter from the organization providing the pension income confirming it is non-taxable
  • Bank statements showing regular deposits or recent paystubs.

The majority of these documents are required for prime and conventional financing and may not be required for alternative financing.

We work with lenders who have lenient income and credit requirements and programs specifically designed for clients who are self-employed and showing little income.

At the time of the application, we will better advise you as to which documents to prepare.

Contact us when you’re ready for your mortgage approval in Ontario or British Columbia!

DV Capital Corporation #13186
T: 416-839-5874
TF: 1-866-839-5874

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