Tricky Doc requests
Joel Olson • October 28, 2021
TRICKY DOC REQUEST What to do, when you don't know what to do.
1. I have no agreement and have been separated for years.
If you are separated or divorce, we are looking for an agreement that confirms that you pay no spousal support, child support and that all your assets have been divided equally. If none of these things would have applied you can reply to that doc request that you wish to sign a stat dec at the time of closing as none of this applicable.
2. I can’t get a job letter.
Every lender these days need to verify your employment by way of a job letter from your employer. Whoever does payroll will be able to provide you with one. The letter should be signed have a number in which a lender can to verify. The letter itself must state your start date, # of guarnateed hours every week or your yearly salary as well as your hourly wage.
3. I don’t have access to Tax Returns
You can get your tax returns from your bookkeeper or accountant or whoever assembled your taxes. Your tax returns are not the same as your notice of assessments that just tell us how much income that you have made. Your tax return must contain all the pages, which will tell us how much any business or rental property grossed and its applicable expenses. We have to get all the pages of the return to be able to use it.
4. Where do I get a property tax statement?
You can simply call your applicable municipal office, they can supply you with one by email which will be sufficient.
5. Where do I get a gift letter from?
We don’t need to have a gift letter signed till after we get you approved. Every lender will have their own form.
6. Do I have to sign all the contracts?
Yes, it's important that you know exactly what to expect and when to expect it, so please make sure to address any questions that you have.
7. Do I need to show the downpayment if I haven’t found a house yet?
Different sources of downpayment matter. We need to know that we can verify where your downpayment funds are coming from. We can’t wait to see funds in your account, but we need to know where we are coming from. Anti-money laundering insists that we can give a history of every account that is sourcing the downpayment as well. We can’t just accept a screenshot of your account
8. I work for myself- do I need a job letter?
If you are an owner of a company regardless of how you get paid, we will need to see your last two years tax returns as well as your last two years company financial statements. You won’t need a job letter though
9. Do you really need a void cheque?
The void cheque is the account which will be debited the mortgage payment. We can wait on that, but we will need it.
10. Can you give me a rough idea on what I qualify for
There are some many way we have to calculate qualifying. How much you work, for how long you have worked, how many hours, how much downpayment, and where you are buying are all questions that can make a meaningful impact on your application and change how much you qualify for. This is why we have to get all the information and documents before making a decision.
Buying your first home is a big deal. And while you may feel like you’re ready to take that step, here are 4 things that will prove it out. 1. You have at least 5% available for a downpayment. To buy your first home, you need to come up with at least 5% for a downpayment. From there, you’ll be expected to have roughly 1.5% of the purchase price set aside for closing costs. If you’ve saved your downpayment by accumulating your own funds, it means you have a positive cash flow which is a good thing. However, if you don’t quite have enough saved up on your own, but you have a family member who is willing to give you a gift to assist you, that works too. 2. You have established credit. Building a credit score takes some time. Before any lender considers you for mortgage financing, they want to see that you have an established history of repaying the money you’ve already borrowed. Typically two trade lines, for a period of two years, with a minimum amount of $2000, should work! Now, if you’ve had some credit issues in the past, it doesn’t mean you aren’t ready to be a homeowner. However, it might mean a little more planning is required! A co-signor can be considered here as well. 3. You have the income to make your mortgage payments. And then some. If you’re going to borrow money to buy a house, the lender wants to make sure that you have the ability to pay it back. Plus interest. The ideal situation is to have a permanent full-time position where you’re past probation. Now, if you rely on any inconsistent forms of income, having a two-year history is required. A good rule of thumb is to keep the costs of homeownership to under a third of your gross income, leaving you with two-thirds of your income to pay for your life. 4. You’ve discussed mortgage financing with a professional. Buying your first home can be quite a process. With all the information available online, it’s hard to know where to start. While you might feel ready, there are lots of steps to take; way more than can be outlined in a simple article like this one. So if you think you’re ready to buy your first home, the best place to start is with a preapproval! Let's discuss your financial situation, talk through your downpayment options, look at your credit score, assess your income and liabilities, and ultimately see what kind of mortgage you can qualify for to become a homeowner! Please connect anytime; it would be a pleasure to work with you!
Why the Cheapest Mortgage Isn’t Always the Smartest Move Some things are fine to buy on the cheap. Generic cereal? Sure. Basic airline seat? No problem. A car with roll-down windows? If it gets you where you're going, great. But when it comes to choosing a mortgage? That’s not the time to cut corners. A “no-frills” mortgage might sound appealing with its rock-bottom interest rate, but what’s stripped away to get you that rate can end up costing you far more in the long run. These mortgages often come with severe limitations—restrictions that could hit your wallet hard if life throws you a curveball. Let’s break it down. A typical no-frills mortgage might offer a slightly lower interest rate—maybe 0.10% to 0.20% less. That could save you a few hundred dollars over a few years. But that small upfront saving comes at the cost of flexibility: Breaking your mortgage early? Expect a massive penalty. Want to make extra payments? Often not allowed—or severely restricted. Need to move and take your mortgage with you? Not likely. Thinking about refinancing? Good luck doing that without a financial hit. Most people don’t plan on breaking their mortgage early—but roughly two-thirds of Canadians do, often due to job changes, separations, relocations, or expanding families. That’s why flexibility matters. So why do lenders even offer no-frills mortgages? Because they know the stats. And they know many borrowers chase the lowest rate without asking what’s behind it. Some banks count on that. Their job is to maximize profits. Ours? To help you make an informed, strategic choice. As independent mortgage professionals, we work for you—not a single lender. That means we can compare multiple products from various financial institutions to find the one that actually suits your goals and protects your long-term financial health. Bottom line: Don’t let a shiny low rate distract you from what really matters. A mortgage should fit your life—not the other way around. Have questions? Want to look at your options? I’d be happy to help. Let’s chat.
