Mortgage by Raman Mann

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Briefly describe, when a Mortgage Agent would be required to obtain the following documents from an applicant.
a) T4: typically when a Borrower has salaried or hourly employment income
b) T4A: typically when a Borrower has commission income
c) Job Letter: typically when a Borrower's income or position information is required
d) Paystub: typically in addition to a Job Letter to confirm that the individual is still employed and that the YTD income matches the Job Letter
e) NOA: typically to support income verification for a previous year and/or to confirm that there are no income taxes outstanding
f) Agreement of Purchase and Sale: typically when a Borrower is purchasing a property
g) Gift Letter: if the Borrower is using funds for his or her down payment that has been given to him or her by a family member
h) Property Assessment: can be used by the Agent to support the Borrower's value of his or her house. It is not used to confirm the value nor will the Lender accept this, but it can support the value.
i) Property Tax Bill: used to confirm the amount of taxes payable and if any property taxes are outstanding
j) Mortgage Statement: typically used to confirm the outstanding balance of a Borrower's current mortgage when refinancing
k) Status Certificate: required when financing a condominium unit