Oakville Mortgage Brokers | Loewen Group Mortgage Professionals

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WE’RE MORTGAGE BROKERS THAT KNOW HOW TO WORK WITH YOU, FOR YOU.

As your brokerage, we know that our mission is to represent YOU. We do this by reviewing your financial needs, any current offers, educate you on lending and financial alternatives and, finally, helping you on selecting the perfect lender and term.

Our determined team will work with you to help you develop your strategy and since we’re not driven by any 1 bank or lender, you can be assured that we will be working WITH you, every step of the way. With over 34 lenders in our pocket our only job is to help your hard earned money stay in yours – that’s the Loewen Group Difference.

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This free guide to mortgage shopping will give you the questions you need to ask when you are shopping for a mortgage. There is more to a mortgage than just rate, these questions are intended to educate you on what you need to know about mortgages before you buy your new home.

Some of the topics covered:

  • Standard vs Collateral charge mortgages
  • Mortgage penalty calculations
  • Renovations included with your mortgage
  • Does accelerated bi weekly payments really save money


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Always bring these important documents with you!

You can speed up the approval process and be better equipped for the application process.

We’ve put together a list of any documents needed from you when you apply for different types of financing through the Loewen Group.

Proof of Down Payment

  • If your down payment is coming from savings, a lender will want statements proving that the funds have been accumulated over at least three month’s time.
  • If your down payment is a gift, provide a statement showing the funds deposited into your account, and get a signed gift letter.
  • If your down payment is coming from the sale of another property, provide a copy of the final sale agreement for that home, as well as its most recent mortgage statement.
  • If you are borrowing from a secured line of credit (LOC), you need a copy of the LOC statement showing the funds being withdrawn.
  • If you’ve put down a deposit on the property, provide a deposit receipt, plus statement(s) showing the deposit funds being withdrawn from your bank account.

Tips

  • Bank or financial statements must always show your name, account number and dates.
  • Gifted down payments must generally be from a parent, sibling or grandparent. Otherwise the money may be considered borrowed funds, which may affect your ability to qualify.
  • Online statement printouts are fine, as long as all info appears on one page, or if multiple pages, the account number appears on every page.

MLS Listing

  • Either an online or Realtor copy is fine.
  • If you bought your home on a private listing website (like propertyguys.com), provide that listing instead

Signed Purchase Agreement

  • You’ll need to provide the final purchase agreement signed by all parties, with all conditions waived.

Tips

  • Make sure it’s legible, all dates are entered and all witness lines have signatures.

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Identification

  • Copy of driver’s license, passport, or other government-issued photo ID (but not a Health card)

Tips

  • All ID text, photos and numbers must be clearly visible

Income Verification

  • If your income is salary or wages, provide:
    1. A recent pay stub showing the pay date, pay amount, your name and the employer’s name
    2. A job letter. Job letters should be on company letterhead and show your start date, position, guaranteed salary/wages, and a human resources contact with phone number.
  • If any of your income comes from a bonus, commissions, overtime, a contract, gratuities or investments, provide the most recent two year’s Notice of Assessments (NOAs) from Canada Revenue Agency (CRA).
  • If you are self-employed, provide:
    • The most recent two year’s NOAs
    • Your business license, articles of incorporation, or GST registration number
  • If you earn rental income, provide a copy of each lease, as well as either:
    • A Canada Revenue Agency T776 Statement of Real Estate Rentals, or
    • Two year’s of T1 generals (personal tax returns), or
    • Two year’s of NOAs
  • If you earn Alimony/Child Support, provide NOAs and the full separation/support agreement.
  • If on maternity/paternity leave, ensure your job letter shows the return date and salary/income upon return.

Tips

  • Self-employed applicants may have to show two years of unaudited accountant-prepared financials, depending on the lender and circumstances.

Void Cheque

This cheque is used by the lender to deduct payments from.

Income Verification

  • If your income is salary or wages, provide:
    • A recent pay stub showing the pay date, pay amount, your name and the employer’s name
    • A job letter. Job letters should be on company letterhead and show your start date, position, guaranteed salary/wages, and a human resources contact with phone number.
  • If any of your income comes from a bonus, commissions, overtime, a contract, gratuities or investments, provide the most recent two year’s Notice of Assessments (NOAs) from Canada Revenue Agency (CRA).
  • If you are self-employed, provide:
    • The most recent two year’s NOAs
    • Your business license, articles of incorporation, or GST registration number
  • If you earn rental income, provide a copy of each lease, as well as either:
    • A Canada Revenue Agency T776 Statement of Real Estate Rentals, or
    • Two year’s of T1 generals (personal tax returns), or
    • Two year’s of NOAs
  • If you earn Alimony/Child Support, provide NOAs and the full separation/support agreement.
  • If on maternity/paternity leave, ensure your job letter shows the return date and salary/income upon return.

intelliTips

  • Self-employed applicants may have to show two years of unaudited accountant-prepared financials, depending on the lender and circumstances.

Your Most Recent Mortgage Statement

Must show your name, property address, balance or original mortgage amount, and monthly payment.

A Void Cheque

For the lender to deduct payments

Identification

  • Copy of driver’s license, passport, or other government-issued photo ID (but not a Health card)

Tips

  • All ID text, photos and numbers must be clearly visible

Your Most Recent Mortgage Statement

Must show your name, property address, balance or original mortgage amount, and monthly payment.

Identification

  • Copy of driver’s license, passport, or other government-issued photo ID (but not a Health card)

Tips

  • All ID text, photos and numbers must be clearly visible

Income Verification

  • If your income is salary or wages, provide:
    • A recent pay stub showing the pay date, pay amount, your name and the employer’s name
    • A job letter. Job letters should be on company letterhead and show your start date, position, guaranteed salary/wages, and a human resources contact with phone number.
  • If any of your income comes from a bonus, commissions, overtime, a contract, gratuities or investments, provide the most recent two year’s Notice of Assessments (NOAs) from Canada Revenue Agency (CRA).
  • If you are self-employed, provide:
    • The most recent two year’s NOAs
    • Your business license, articles of incorporation, or GST registration number
  • If you earn rental income, provide a copy of each lease, as well as either:
    • A Canada Revenue Agency T776 Statement of Real Estate Rentals, or
    • Two year’s of T1 generals (personal tax returns), or
    • Two year’s of NOAs
  • If you earn Alimony/Child Support, provide NOAs and the full separation/support agreement.
  • If on maternity/paternity leave, ensure your job letter shows the return date and salary/income upon return.

intelliTips

  • Self-employed applicants may have to show two years of unaudited accountant-prepared financials, depending on the lender and circumstances.

A Void Cheque

For the lender to deduct payments

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Calculator Corner

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© 2015 Loewen Group in association with Serious Monkey. James Loewen Lic. # M0800338, Loewen Group LIC#12268.

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Monday - Friday: 9am - 7pm
Saturday & Sunday: By Appointment

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Office: (289) 813-7305
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