Mortgage Application Checklist

_{Identification}

One (1) Valid unexpired national photo identification

Proof of address

One (1) valid proof of address (deed, recent utility bill, tax assessment or financial institution/bank statement)

_{Work permit}

or Permanent residence confirmation (if applicable) 

_{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

_{Commissioned Income}: 

• Letter of employment or
• Current contract executed between the employer and employee and
• Last 6 months' pay slips

_{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 (Banker’s reference) for an active Scotiabank business or commercial bank account or other financial institution or
• Certification of incorporation/Articles of Association

_{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  

_{Credit Approval}

• Source of downpayment – account statement or copy of cheque or evidence that monies are deposited in BNS account, 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
• Agreement of Sale or Proforma Invoice

_{Additional Credit Approval Documents} 

• Current Appraisal ordered in the name of Scotiabank, documents needed: Mortgage Deed/Certificate of Title
• Service Charge statement – if you are a home owner
• Home Insurance statement – if you are a home owner
•  Maintenance fee statement (as applicable where there is a Homeowners’ Association for Townhouses, Condominiums, Apartments
• Completion certificate for properties < 4 years old (if applicable)
• Any other documents to support loan purpose

_{Closing and Disbursement}

• Evidence of home insurance and assignment to the Bank
• Original Surveyor’s Identification not more than 12 months free of  encroachments and covenant breaches  
• 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 (if applicable)
• If seller has a mortgage, you should request to obtain a release or release in Escrow with settlement letter