Mortgage Checklist

Applying for your Mortgage is easier when you’re prepared. Before you meet with your Scotiabank advisor, make sure you have the following documents handy:

Documents required to be submitted as part of application:

  • Completed application (application will be signed and dated at interview)
  • Notarized Social Security Card AND two forms of identification (original, no copies), one of which must be a Government issued ID with signature (diver’s license, passport)
  • Copy of current Warranty Deed, Mortgage Statement, and property tax bill for all properties owned
  • Most recent Homeowner or Homeowner/Condominium Association Dues Invoice for all applicable properties
  • Credit explanation letter, if necessary
  • The last two months of the following: bank statements, broker statements, retirement funds, passbook savings
  • Fully executed Sales Contract and Addendums
  • Copy of listing agreement on present home, if applicable
  • Gift verification: if purchaser is to receive a gift with relation to the down payment and/or closing cost – donor must submit evidence of this gift through copies of checks and bank statements as well as an affidavit stating that funds will be a gift and not a loan.
  • Lease agreement on rental property, if applicable
  • Two personal references
  • Evidence of mailing address (utility bill)
  • Evidence of earnest money deposit, copy of front and back of cancelled check, both deposits
  • Utility bill for primary residence
  • Evidence of Home Owners Insurance for all properties owned, reflective of premium and taxes

If you are a self-employed borrower:

  • Personal tax returns with all schedules signed and dated from the two most recent years
  • Copy of extension if last year’s taxes were not filed
  • Current financial statement (within 90 days of application date)
  • Two most recent years of corporate tax returns if self-employed or if applicant has a 25% or more interest in the Company with all schedules and attachments, inclusive of K-1

If you are NOT a self-employed borrower:

  • Pay stubs or salary vouchers covering wages for the most recent 30-day period
  • Signed and dated personal 1040 tax return with all schedules attached from the last two years
  • W-2 forms from the most recent two years
  • Job letter inclusive of position, length of service, and salary

Additional documents required for condominiums:

  • Condominium Association Fee Letter
  • Condominium Declaration
  • Condominium Amendments, By-Laws, and Rules and Regulations
  • Certificate of Insurance for the subject unit and a copy of the blanket policy with The Bank of Nova Scotia listed as Mortgagee and evidence of payment (bill stamped with agency)

Documents to be submitted after approval, prior to closing:

  • Copy of Deed or Draft Deed of the property being purchased or financed
  • Copy of the Sales Contract between buyer and seller detailing the terms of the sale agreement – a copy of the receipt for the down payment must be attached
  • Tax Clearance letter with copies of Property Tax Receipts
  • Title Insurance
  • Hazard Insurance, Flood Insurance (if applicable) binder/policy equal to 80% of replacement cost of loan amount, whichever is greater to include fire, earthquake, and windstorm coverage naming The Bank of Nova Scotia as Mortgagee and evidence of payment (bill stamped with agency)
  • Surveyor’s Report
  • “As Built Survey” showing location of building on the plot
  • Pay off figures for loans to be paid off
  • If Power-of-Attorney is to be used, a copy must be submitted for Bank counsel’s approval

Please note, this list may not include everything your specialist requires to complete your application.

You can own the home of your dreams sooner. Contact our nearest Scotiabank branch to find out how.

Conditions apply. Subject to credit approval.

Thinking of buying or refinancing a home?

Contact one of our friendly Mortgage Specialists about our competitive rates.