Mortgage Conditions

Documentation Required for all Mortgages

When you have received an RMG mortgage commitment, you need to complete the signed commitment (including all schedules) along with the completed Pre-Authorized Debit (PAD) Agreement within 5 days of the commitment date.

You also need to provide the following documentation:

Proof of income
Confirmation of your down payment
Property valuation

Proof of Employment and Income

Whether you get paid by salary, an hourly wage, commission or pension, or draw an income from a trade or business that you own, you will be asked to provide verification of your employment and income. The documents required will depend on how you earn an income.

Down Payment Confirmation

Where is your down payment coming from? Before your mortgage is finalized, you’ll need to show evidence of how you’ll make your down payment.

Savings or Investments

If your down payment is coming from a source such as savings and investments, GIC deposits, RRSP or Canada Savings Bonds, we will require confirmation of non-borrowed funds showing accumulation of 3 months via bank statements.

Gift from Immediate Family Member

Have you received a gift from an immediate family member? We will accept a gifted down payment as long as the gift is from your parent, grandparent, child, sibling, legal guardian or legal dependent and we have confirmation that the funds have been deposited into your bank account. Spousal gifts may be accepted provided that the funds are confirmed as being from the spouse’s own resources and are not borrowed. If your deal was approved on the basis that you were providing minimal income confirmation (Stated Income Program), a gifted down payment is not allowed. If you are purchasing this property as an investment property and will not be occupying it yourself, a gifted down payment is not acceptable.

Proceeds from the Sale of an Existing Property

If you are selling or have sold a property and are using the money received from that sale towards the purchase of this property, your solicitor must provide a statement confirming the net proceeds that you are entitled to.

Property Valuation Documentation

The value of your property is based on its current state – and RMG will lend you funds aligned with that specific value. In order to be sure we have a fair and accurate evaluation, we usually get a third party appraiser to conduct an appraisal. This means that someone may be calling you to arrange a time to view the property. Please try to accommodate these requests, as they will speed up the process of funding your mortgage.

Have questions?

We can help answer any questions you might have about finalizing your RMG mortgage. Get in touch with us today.