support [at] healthywallet.com | Direct: 416.707.1020

Refinance or Switch/Transfer Your Mortgage

A refinance is when you want to borrow additional money, on top of your current mortgage balance, from built up equity in your property. This is either in the form or a new, larger first mortgage, or adding a second mortgage or Home Equity Line of Credit (HELOC) onto your property.

A switch or transfer is when you want to move your current mortgage balance to a new lender, without withdrawing more money from your property.

We work hard to get you the best mortgage possible! To do that, we need to receive and review your documents ahead of time so that we can advise you, find the best lender for your needs and goals, expedite the application process and coach you through the refinancing process to ensure a smooth mortgage closing.

 

For more information, go to:

http://www.mortgagearchitects.ca/solutions/refinance

http://www.mortgagearchitects.ca/solutions/renew

Documents Needed to Apply for a Refinance or Switch/Transfer

Here is the list of documents needed to complete a mortgage application for a refi or switch/transfer.

PLEASE NOTE: To ensure the most comprehensive service possible, we must receive and review all of your documents before submitting to lenders. Sending us all of your documents promptly will speed up your mortgage application process. Thanks! Marla and her team

 

For Employees        (scroll down for Self-Employed)

CREDIT

  1. Completed, signed and dated Credit Consent Form

 

  1. Valid ID is required for each borrower and must include both sides of:
  • 1 piece of government issued photo ID (i.e. Driver’s License, Passport, or Citizenship Card)
  • 1 additional piece of ID (i.e. Birth Certificate, SIN Card, or Major Credit Card)
  • DO NOT use OHIP card

 

MORTGAGE APPLICATION (to expedite review process)

  1. Go to Marla’s Mortgage Application Link then choose COMPLETE APPLICATION  and select “Refinance” or “Switch/Transfer” in your application

 

  1. Verification of borrower employment and income (lender may request any of the following):
  • Two most recent pay stubs (dated within 30 days)
  • Letter of employment (dated within 30 days)
  • T4s slips from last two tax years
  • Notice of Assessments (NOAs) from last two tax years, to validate income and prove not owing CRA, and to validate income
  • If yearly income is variable, such as hourly work, overtime, commissions, etc., two years of T1 Generals
  • In special cases, three to six months bank statements to prove income may be requested

 

CURRENT PROPERTY VERIFICATION

  1. Lender’s Annual Statement, Mortgage Renewal Document or current Mortgage Statement, includes name of lender, mortgage reference number, mortgage balance, mortgage payment, status of property tax account and mortgage renewal date.
  • (If you currently have a high-ratio or insured mortgage) Mortgage Insurance (CMHC/GE/CG) Reference Number for the existing mortgage being refinanced

 

  1. Most recent Property Tax Bill listing annual tax amount and showing account is in good standing
  2. Estimate of Current Value
  • Most lenders will require an Appraisal Report to confirm the value of the property (most often, ordered after receiving the Mortgage Commitment from the lender)

 

LIABILITY PAYOFF VERIFICATION

  1. If existing debts are being is being paid prior to mortgage application: current copies of credit card, personal line of credit, and other loan statements showing your name and account numbers

 

OTHER INFO FOR LENDER

  1. Lawyer’s Name and Phone Number
  2. Personalized VOID Cheque for the account you wish to use for mortgage payments

 

ADDITIONAL DOCUMENTS (if applicable)

  1. Here are a few common scenarios:
    1. If own / on title for other properties: annual mortgage statement and property tax bill for each property owned
    2. If own rentals:
      1. Valid signed leases to confirm rental income
      2. Signed tenant acknowledgements for any leases outside a one year fixed term lease
      3. Completion of real estate investment worksheet
    3. If property is rural: water test confirming potability of water may be required by the lender via your lawyer
    4. If separated or divorced: a copy of the separation agreement confirming amount of support payments to be made / received

 

 

For Self-Employed Individuals

CREDIT

  1. Completed, signed and dated Credit Consent Form

 

  1. Valid ID is required for each borrower and must include both sides of:
  • 1 piece of government issued photo ID (i.e. Driver’s License, Passport, or Citizenship Card)
  • 1 additional piece of ID (i.e. Birth Certificate, SIN Card, or Major Credit Card)
  • DO NOT use OHIP card

 

MORTGAGE APPLICATION (to expedite review process)

  1. Go to Marla’s Mortgage Application Link then choose COMPLETE APPLICATION  and select “Refinance” or “Switch/Transfer” in your application

 

INCOME VERIFICATION

  1. Verification of borrower employment and income (lender may request any of the following):
  • Business license, articles of incorporation and/or business HST registration & returns to prove business registration
  • Business Financial Statements for the most recent  fiscal years: income statement, balance sheet, etc.
  • business bank statements to demonstrate current cash flow (6-12 months)
  • Past 2 years of T4 slips, if paid a salary
  • Notice of Assessments (NOAs) from last two tax years, to validate income and prove not owing CRA, and to validate income
  • Six months bank statements to prove income may be requested (in some cases, 12 months)
  • Lender may also request two years of T1 Generals

 

CURRENT PROPERTY VERIFICATION

  1. Lender’s Annual Statement, Mortgage Renewal Document or current Mortgage Statement, includes name of lender, mortgage reference number, mortgage balance, mortgage payment, status of property tax account and mortgage renewal date.
  • (If you currently have a high-ratio or insured mortgage) Mortgage Insurance (CMHC/GE/CG) Reference Number for the existing mortgage being refinanced

 

  1. Most recent Property Tax Bill listing annual tax amount and showing account is in good standing
  2. Estimate of Current Value
  • Most lenders will require an Appraisal Report to confirm the value of the property (most often, ordered after receiving the Mortgage Commitment from the lender)

 

LIABILITY PAYOFF VERIFICATION

  1. If existing debts are being is being paid prior to mortgage application: current copies of credit card, personal line of credit, and other loan statements showing your name and account numbers

 

OTHER INFO FOR LENDER

  1. Lawyer’s Name and Phone Number
  2. Personalized VOID Cheque for the account you wish to use for mortgage payments

 

ADDITIONAL DOCUMENTS (if applicable)

  1. Here are a few common scenarios:
    1. If own / on title for other properties: annual mortgage statement and property tax bill for each property owned
    2. If own rentals:
      1. Valid signed leases to confirm rental income
      2. Signed tenant acknowledgements for any leases outside a one year fixed term lease
      3. Completion of real estate investment worksheet
    3. If property is rural: water test confirming potability of water may be required by the lender via your lawyer
    4. If separated or divorced: a copy of the separation agreement confirming amount of support payments to be made / received

 

Last updated: Nov 2018

  Mortgage Agent Lic. M16001744 -- Mortgage Architects, Lic. 12728, Head office: 5675 Whittle Road, Mississauga, ON L4Z 3P8