What information will I need to provide when applying for a mortgage?

Lenders want plenty of financial information about your co-buyers to assess your ability ro repay the loan. This ability is based on your "Gross Debt Service Ratio" and "Total Debt Service Ratio" (see worksheet on Mortgage Resource page in the website) and also on your assets, liabilities, earnings, employment history and your past record of repaying loans. Specifically your lender may want the following:

Personal information (age, marital status, dependents)
Details of employment (T-4 slips, personal income tax returns, or letters from your employer)
Info on other sources of income (pensions or rental income)
Current Banking information
Verification of your down payment
Consent to run a credit investigation
A list of assets including property and vehicles
A list of liabilities (credit card balances, car loans - the total amount you owe & your monthly payment amount)

If you have already made an offer on a home, they will also need:

A copy of the property listing
A copy of the Agreement of Purchase and Sale (resale home)
A house plan and cost estimates (if you're building a new home)
The condominium / townhouse financial statements (if applicable)
A certificate for well and septic (if applicable)