At Perch, we are committed to providing an compliant, timely, and secure mortgage application process to all of our clients. To achieve this, our advisors will require certain documents to verify key aspects of your application, including your identity, income, assets, and property details.
Once collected documents go through a verification process which helps reduce fraud, ensures regulatory compliance, and provides lenders with the confidence to approve your mortgage application swiftly.
Standard Documents
In this section we will discuss the standard documents used by Perch to verify things like your identity, assets, property details and more.
Income Verification Documents
Employment Letter: Confirms employment status, salary, and employment duration.
Bank Statements (90 Days): Shows recent transactions, verifying steady income and supporting variable income.
Notice of Assessment (NOA): Official tax document indicating taxable income; mandatory for self-employed applicants, possibly required for multiple years.
Financial Statements: Accountant-prepared documents, including a balance sheet and income statement for the previous two years; essential for self-employed individuals.
Tax Documents:
T1 General: Personal income tax return.
T2: Corporate tax return.
T4: Employment income statement.
T4A: Statement for pension or annuity income.
T5: Investment income statement.
T5013: Partnership income statement.
Property Verification Documents
Purchase and Sale Agreement: Comprehensive, fully signed document outlining property purchase terms.
MLS Listing: Real estate listing providing detailed property description and pricing.
Deposit Receipt: Confirmation of deposit provided by the real estate agent when submitting an offer.
Appraisal: Professional assessment detailing property value.
Home Inspection Report: Assessment of the property's condition, identifying potential issues.
Property Insurance: Active policy confirming coverage against fire and hazards.
Property Seller Declaration: Seller's statement about property conditions and disclosures.
Property Status Certificate: Important document for condominiums detailing financial and legal standing.
Property Tax Statement: Current municipal tax assessment.
Maintenance Fees: Evidence of payment through bank statements or condo board verification.
Asset and Liability Verification Documents
Asset Statement: Details financial assets held by the borrower.
General Account Statements: Demonstrates account activity, verifying available funds.
Gift Letter: Specifies details and acknowledgment of gifted down-payment funds.
Identity Verification Documents
Primary Photo ID: Passport, Driver's License, Permanent Resident Card, or government-issued Photo ID card.
Secondary Photo ID: Required in specific cases; must differ from the primary ID provided.
Business Verification (Self-employed Applicants)
Business Registration: Proof of current business registration.
Current Business License: Current operational license.
HST Registration: Required tax registration document.
Articles of Incorporation: Legal documentation for corporate formation.
Other Documents
Rental Agreement: Current rental agreement for verifying rental income.
Separation Agreement: Necessary documentation for separated or divorced individuals.
Void Cheque: Essential for setting up mortgage payments.
Standard Agreements
Throughout the course of your application process you will also be required to review and sign a number of agreements. We've done our best to be able to provide all of these documents digitally to our clients to streamline the process. The following agreements will be provided digitally and PDF copies are made available through your Plan dashboard for download once all involved stakeholders have signed.
Mortgage Summary: Overview detailing your mortgage's terms and conditions.
Amortization Schedule: Compliance document showing your mortgage repayment schedule.
Borrower Disclosure: Compliance disclosures specifically for borrowers.
Credit Check Consent: Permission document for conducting a credit check, valid for 180 days.
Insurance Waiver: Compliance document related to insurance coverage requirements.
Lender Disclosure: Compliance disclosures from the lender about mortgage terms.
Commitment Letter (Manual via DocuSign): Formal approval document outlining loan terms provided by the lender.
Documents NOT Provided By Perch
Land Transfer / Deed: Typically provided by your Lawyer after closing confirming your legal ownership of the property
Important Notes:
For further clarification or specific inquiries, please reach out to your Perch advisor directly.