Brampton First-Time Buyer & Newcomer Mortgage Checklist

Identity & status

• Government photo ID for every applicant (passport or Ontario driver’s licence)
• Social Insurance Number (SIN)
• Newcomers: PR card, or Confirmation of Permanent Residence (COPR) if your card hasn’t arrived
• Work permit holders: a valid work permit, with its expiry date clearly visible
• Current and previous addresses for the last few years
• Marital status, and a separation agreement if one applies

Employed

• Recent pay stubs (usually the last one or two)
• Job letter on company letterhead, dated within the last month or so
• T4 slips and Notices of Assessment for the last two years
• Hourly, commission or overtime pay: two years of history so the lender can average it

Self-employed

• T1 General tax returns for the last two years
• Notices of Assessment for the same years, with proof no taxes are owing
• Business registration or articles of incorporation
• Six to twelve months of business bank statements

Newcomer job letter details

• Your job title and whether the role is permanent, contract or probationary
• Start date, regular weekly hours and salary or hourly rate
• Name, phone number and signature of someone who can confirm your employment
• If you’re still on probation, ask your employer to state when it ends

Down payment

• 90 days of statements for every account holding down payment funds, with your name and account number visible
• A written explanation for any large deposit that isn’t your pay
• Gift letter signed by the family member giving the money, stating it is a gift and doesn’t need to be repaid, with the funds deposited in your account before closing
• FHSA statements (up to $8,000 a year, $40,000 lifetime) and RRSP statements if you’ll use the Home Buyers’ Plan (up to $60,000 per person)
• Funds from abroad: statements from the overseas account, records of the transfer to Canada, and statements showing the money landed in your Canadian account; many lenders ask for the funds to be in Canada before closing
• Translations of any statements not in English or French

Credit

• A list of every debt: credit cards, lines of credit, car loans or leases, student loans and support payments
• Your Equifax and TransUnion credit reports, to spot errors early
• Newcomers with little Canadian credit: 12 months of rent receipts, utility or phone bills, and an international credit report if you have one
• A short written explanation of any past late payments or collections
• No new car loans, credit cards or big purchases on credit until after closing

Property & offer

• MLS listing for the home, including annual property taxes
• Signed agreement of purchase and sale (APS), including all amendments and waivers
• Deposit receipt from the brokerage or builder
• Condos and condo townhomes: monthly fee amount and the status certificate
• New builds: the builder’s agreement and deposit schedule
• Homes with a basement apartment: any existing lease, and whether the unit is registered with the City of Brampton, if you want rental income counted

Closing budget

• Ontario land transfer tax; first-time buyers may get a refund of up to $4,000 (Brampton has no municipal land transfer tax)
• 8% Ontario PST on the CMHC or other default insurance premium, paid at closing; it can’t be added to the mortgage
• Real estate lawyer’s fees and disbursements
• Title insurance
• Home inspection
• Property tax and utility adjustments
• Home insurance, which the lender will require before funding
• Moving costs