Ensure a smooth mortgage closing
Have you received an MCAP mortgage commitment? Below you’ll find a listing of the documentation required to fulfill the conditions listed in Special Conditions Precedent to Advance.
Please note, documentation for all mortgages is needed within 5 business days of your commitment date and includes the signed commitment (with all schedules) along with the Pre-Authorized Debit (PAD) Agreement.
You must also provide the following:
- Income Documentation
- Down Payment Documentation
- Property Valuation Documentation
It is essential that you meet all required conditions as listed in your commitment in order for MCAP to ensure your mortgage closes as scheduled.
You may receive compensation via salary, an hourly wage, commission, or pension. Alternatively, you may be self-employed wherein you are drawing income from a trade or business.
However you are compensated, you will be asked to provide verification of your employment and income.
Down Payment Documentation
Your down payment may come from various sources and you’re required to let us know where the funds come from.
Savings or Investments
If your down payment is coming from savings and investments, GIC deposits, RRSP or Canada Savings Bonds, we will need 3 months’ worth of bank statements and confirmation that the funds are not borrowed.
Gift from Immediate Family Member
We will accept a gifted down payment if the gift is from your parent, grandparent, child, sibling, legal guardian or legal dependent and we have confirmation, via bank statement, that the funds have been deposited into your bank account.
Spousal gifts may be accepted provided the funds are confirmed as being from the spouse’s own resources and are not borrowed. If your application was approved on the basis that you were providing minimal income confirmation (Stated Income Program), a gifted down payment is not allowed. If you are purchasing this property as an investment property and will not be occupying it yourself, a gifted down payment will not be accepted.
Proceeds from the Sale of an Existing Property
If you are selling or have sold a property and are using the money received from that sale towards the purchase of this property, your solicitor must provide a statement confirming the net proceeds that you are entitled to.
Down Payment Documentation
The value of your property is based on its current state, and MCAP will lend you funds relevant to that specific value. In order to be sure, we have a fair and accurate evaluation, and usually get a third-party appraiser to conduct an appraisal. This means that someone may be calling you to arrange a time to view the property.
Please try to accommodate these requests as they will help to speed up the process of funding your mortgage.