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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Work permit
Work permit or residency certificate – Temporary residents
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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
- Overseas residents: USA - two-year tax return, UK - P60 End of year certificate, Canada - Revenue Agency Notice assessments
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 assets/liabilities in name of borrower
- Proof of loan purpose: Sale or Purchase Agreement, Confirmation of debts to be settled, Estimates and or approvals for Home Improvements, Statement of works or any other document to support loan purpose
- Bank references & Professional reference –Temporary Residents
- Credit Bureau – if applicable
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Additional Credit Approval Documents (as applicable)
- Leasehold lands
- lease rent receipt, Lease agreement showing expiry for ≥ 5 years after mortgage maturity
- Mortgage Deed / Certificate of Title / current copy of Land register
- Approval of regional corporation permitting subdivision/development
- Annual Property tax statement and annual insurance
- For Apartment/Townhouse/Condominiums:
- Strata Insurance and evidence of up to date payment of maintenance fees,
- Home Inspection / Current appraisal ordered by Scotiabank
- Most recent water bill
- Evidence of clear title
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Closing and Disbursement
- Leasehold lands – Lease agreement showing expiry for ≥ 5 years after mortgage maturity
- Property Insurance: fire and all perils insurance assigned with coverage of the lesser of the mortgage amount or full replacement value of the structure
- Occupancy Certificate (If applicable)
- Unfinished Development: Certificate of practical completion (if applicable)