SUBMITTING THE PERFECT MORTGAGE APPLICATION. How to organize and format your mortgage application.
Channel: Darren Voros
Date: 2020-05-26

Canadian real estate investor Darren Voros walks you through how to submit the perfect mortgage application. What items you need to include in your application, what order to put them in and the format they should be submitted to your mortgage agent or bank in.
When you submit your documents to your mortgage agent or to your bank it's their responsibility to organize all of your documents and put them in the right order to submit them to the underwriter. And if it takes them a half a day or a full day to do that they're not going to be super excited about working on your files moving forward. So this step by step guide on how to submit the perfect mortgage application can save your mortgage agent and you a whole bunch of time. 
For those who have joint venture partners on the title of the mortgage and they're the ones communicating back and forth with the mortgage agent. It’s your job to manage that relationship to make sure the way that your partners are submitting documents is the way that your agent wants to be receiving them.

Here's the list of items that you need to submit and the order to submit them in.

Item #1 - Identification. This should be your passport and your driver's license. This should be the front and back of both of those documents submitted.

Item #2 - Personal Net Worth statement. This should be a list of your assets and your liabilities as well as three years of address history. If you're looking for a good fillable and printable version of a personal net worth statement I found a good version at lawdepot.ca.
https://bit.ly/3g3Dmmy

Item #3 - Two Recent Tax Returns. If you're an employee that should be your T4’s some recent pay stubs and a job letter confirming employment with that company. If you're self-employed you want to send in the last two years of your T1 generals and your last two Notice of Assessment’s.

Item #4 - Proof that your taxes have been paid. The easiest way to do this is to get a statement of account from the Canada Revenue Agency. If you haven't done this already I would suggest going to set up your My Account or your My Business Account with the CRA so you can access these documents online.
https://www.canada.ca/en/revenue-agency/services/e-services/e-services-individuals/account-individuals.html
https://www.canada.ca/en/revenue-agency/services/e-services/e-services-businesses/business-account.html

Item #5 - Job Description Letter. If you are a self-employed individual this job description letter should lay out where you get your income from, how often you get that income and what's the sustainability of the income that you receive.

Item #6 - Mortgage Statement

Item #7 - Property Tax Statement

Item #8 - Lawyers Information.

Item #9 - Void Cheque

Additional items for rental properties:
-Mortgage statement
-Property Tax
-Leases
-3 months bank statements showing proof of deposits.

Along with these items your mortgage agent is most likely going to ask you to submit:
-Mortgage application
-Copy of the MLS listing
-Purchase and Sale Agreement.

How to merge PDF's into one document.
https://www.youtube.com/watch?v=2Xam5ra3R_s

DISCLAIMER:
WITH ANY AND ALL INVESTING YOU SHOULD ALWAYS OBTAIN INDEPENDENT LEGAL, TAXATION AND FINANCIAL ADVICE FROM A LICENSED PROFESSIONAL BEFORE INVESTING ANY OF YOUR OWN MONEY.

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Darren Voros

Darren’s diverse skillset has taken him to many stages around the world. He has been featured as an on-air renovation expert on “The Goods” (CBC) and “CityLine” (CityTV). Darren was also the behind the scenes contractor on “Save My Reno” (HGTV) and “Game of Homes (W Network).
Darren is an accomplished real estate investor, trainer and coach. He controls a portfolio of properties worth just over $10,000,000 and has travelled across North America educating, inspiring and motivating audiences on the subject of real estate investing, financial independence and financial literacy. Darren’s willingness to give back prompted him to launch his YouTube channel in 2020 in order to have a wider reach in educating investors.