Document Needs List
Definition
- An inventory of documents that a lender needs to underwrite a loan, usually including pay-cheque stubs, bank statements, and tax returns.
Synonyms
papers needed for mortgage, check list, mortgage document checklist
Related Terms and Acronyms
- Gift From a Family Member — Definition,
- A gift of cash, to a mortgage applicant from a relative by blood or marriage, which the applicant is not required to repay. In some instances it is necessary to provide a written statement to that repayment is not required.
- Low-documentation Loan — Definition,
- A mortgage that requires less income or asset verification than conventional loans. Low-documentation loans are designed for the entrepreneur or self-employed, for recent immigrants, or for borrowers who cannot or choose not to reveal their financial information. A substantial down payment and excellent credit history are generally required. This type of loan will also yield a higher interest rate.
- Non-Resident Alien (NRA) — Acronym,
- A person who is not a permanent resident or a citizen of Canada, and who is generally taxed on income from Canadian resources.
- Notice of Assessment (NOA) — Acronym, Canada, Important,
- A form the federal government issues when personal taxes are complete. A notice of assessment shows a breakdown of the given years income along with the balance owing or refund.
➥ Canada Revenue Agency's T451 tax form. - Resident Alien — Definition,
- A person who is a legal permanent resident, but not a citizen, of Canada.
- Social Insurance Number (SIN) — Acronym, Canada, Very Important,
- Every person who has an income or pays taxes must apply for this number, which is assigned by the Government of Canada. You must, by law, provide this number to financial institutions with which you have an interest-bearing deposit account.
➥ A nine-digit number that you need to work in Canada or to have access to government programs and benefits. Banks may also request your SIN for tax purposes or to verify credit checks. - Solicitor Information — Definition,
- When you apply for a mortgage you will need a law firm with a lawyer's name and their contact information which would typically include the office location, phone number, fax number and e-mail address.
- Verification of Employment (VOE) — Acronym, Important,
- Confirmation that a loan applicant is telling the truth about where he or she works and how much he or she makes.
- Void Cheque — Definition,
- A check with the word "VOID" written on the face that cannot be cashed.
