Mortgage Income Documents.

Mortgage Income Documents

If you are obtaining mortgage financing from a traditional or alternative bank lender you will be required to provide mortgage income documents. Although most private mortgages approvals are equity-based, some private lenders wish to verify and document their client’s income. In most cases, however, your private mortgage lender will accept what is known as ‘stated income’. This article is intended to address the mortgage income documents required for non-private mortgage financing. 

Your time is valuable and you can benefit from being aware of the documents you’ll need to prepare. In some cases, delays will arise as a result of missing or lost documents that must be found or replaced. Furthermore, if your income is seasonal, commission-based, or you are self-employed, it isn’t that straight-forward. 

Hourly & Salaried

  • Employment letter
  • A current paystub
Commission & Fluctuating Income

  • Employment letter
  • Notice of Assessment 
  • Year-end paystubs & T4
Part-Time or Seasonal
  • Employment letter 
  • A current paystub
  • Notice of Assessment
  •  Year-end T4

  • T1 Generals
  • Notice of Assessments 
  • GST/HST returns
  • Audited or accountant prepared financial statements 
  • Articles of incorporation or business license
  • A current paystub
  • Bank statements 
Contract Employment

  • Employment letter outlining contract details and renewal potential 
  • Notice of assessment
  • Year-end paystub
  • Year-end T4

Maternity & Parental Leave

  • Separation agreement showing the support amount
  • An employment letter verifying the leave, return date, position, and salary 
  • Year-end T4
Child & Spousal Support
  • Separation Agreement verifying the support payment
Short-Term Disability Insurance
  • Letter of employment outlining the return date, position, and salary 
Long-Term Disability Insurance
  • Letter from insurance company confirming long-term or permanent disability 
CPP or Old Age Security 
  • T4-a 
  • CRA pension statement
  • Letter from the organization providing the pension income confirming it is non-taxable

Although each mortgage lender has its own guidelines around qualifying income and the supporting documentation, this will serve as a helpful point of reference. Nevertheless, we will guide you through the mortgage income document process needed to obtain your mortgage approval

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