Mortgage Application Checklist
Documents Required
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Identification
One (1) Valid unexpired national photo identification
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Proof of address
One (1) valid proof of address (deed, recent utility bill, tax assessment or financial institution/bank statement)
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Salaried Individuals:
Salaried or Fixed Contract or where commission < 50% total income any two of the following:
- Recent letter of employment
- Current contract executed between the employer and employee
- Pay slip(s) showing the most recent full monthly income ( if pay slip shows a deduction at source indicating loan payment, letter of indebtedness is required)
- Bank statements showing direct payroll deposits for the 2 most recent months-including BNS screen print
- Most recent income tax return
- Any official document issued by the local Government indicating income
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Commissioned Income:
- Letter of employment
- Last 6 months pay slips
Self Employed Individuals:
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Business Documentation
– one of the following:
- Valid Business registration / License, and most recent Annual Return (where applicable)or
- Financial statements for the last 2 years prepared and signed off by an Accountant on the Bank-Approved panel, or in good standing with the relevant supervisory board, or
- Most recent account statement for an active Scotiabank business or commercial bank account or other financial institution or
- Certification of incorporation/Articles of Association
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Income Evidence documents
– one of the following:
- Income Tax Returns for the last 2 years, or
- Audited Financial Statements for the last 2 years, or
- Financial Statements for the last 2 years prepared and signed off by an Accountant on the Bank-Approved Panel, or in good standing with the relevant supervisory board, and six (6) months bank statements or
- Any official document issued by the local Government indicating the income
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Credit Approval
- Source of downpayment – account statement, letter signed by donor& borrower if a gift
- Proof of assets in the name of the Borrower: Statements showing investments or bank statements, copy of land title or motor vehicle title, Pension Statements, Last valuation of property
- Proof of Liabilities in the name of the Borrower: Credit card, Loan or Mortgage statement
- Proof of loan purpose - Agreement of Sale or Proforma Invoice
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Additional Credit Approval Documents
- Valuation report to be ordered by Scotiabank
- Copy of Land Registry from seller to be provided
- Strata Requirements:
- Strata section 6(4), Strata bylaws
- Strata AGM minutes, strata insurance
- Strata financial statements from current or previous year
- Any other documents to support loan purpose
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Closing and Disbursement
- Evidence of home insurance and assignment to the Bank
- Well and sceptic certificates (if applicable)
- Up to date water authority bill/clearance certificate
- Incomplete Development: Certificate of practical completion (if applicable)
- Up to date lease rent/maintenance fee receipt (if applicable)
- Lease land: Lease agreement showing expiry for > 5 years after mortgage maturity (if applicable)
- Copy of share certificate/Article of Association of the administrative company (if applicable)
- Updated credit bureau report (if applicable)
- If seller has a mortgage, you should request to obtain a release or release in Escrow with settlement letter