What documents are needed for a refinance?

Thinking about refinancing? Here is a list of the documents needed for a refinance.

 

Documents needed for a refinance

 

1) Income verification:

 

If you have an employer and you have an annual salary:

From your income verification the lender’s goal is to see that you are currently employed, in a permanent position, your income does not fluctuate between pay periods and that you have deductions at the source.

Verification is to be provided by way of:

-of a recent pay stub, as well as
-a signed letter of employment.

Documents must be dated no earlier then 60 days from the current date.

 

If you have an employer and you are non-salaried (i.e. hourly employment) or salary plus bonus:

From your income verification the lender’s goal is to find your average taxable income for the last two tax years.  In addition, a lender will need to see that you are currently employed, in a permanent position and that you have deductions at the source.

Verification is to be provided by way of:

-a recent pay stub, as well as
-a signed letter of employment.

Documents must be dated no earlier then 60 days from the current date.

In addition, as the lender will be using the average income from your last two years of employment, they will require:

-T4 for the last two years and/or,
-Notice of Assessment for the last two years

 

Income – If you are self-employed:

 

From your income verification the lender’s goal is to see that you you do not have any income taxes in arrears, to see the source(s) of the income and your average taxable income from your last two tax years.   Please note, if your most recent tax year’s income was lower then the previous year, they will use the lower income number.

Self employed applicants will verify their income by providing the lender with:

-Notices of Assessment for the last two years
-T1 Generals for the last two years

 

2) Photo ID

 

3) Void cheque or pre authorized debit form

 

4) Mortgage statement

 

5) Recent property tax bill

 

6) Proof of fire insurance

 

Contact me anytime to learn more about the documents needed for a refinance.

 

Contact

Please prove you are human by selecting the House.