Documentation Guidelines

Only applications with a minimum document package will be considered for underwriting. Documentation must be current at time of submission (i.e. paystub within last month etc.). Refer to each section for specific documentation requirements.

Documents can be emailed to brokercentre@coastcapitalsavings.com. If submitting through Velocity please submit documents through the portal.

Do not email documents directly to the Underwriter. If a document package is not received within 24 hours (not including weekends), your application will be sent back and will not be placed in our underwriting queue.

Here is an example of what is required with a minimum document package:

• Current income documents* this includes confirmation of rental income
• Purchase agreement (including Property Disclosure Statement, any Addendums or Assignment Contracts if applicable)
• MLS
• 60 day confirmation of down payment
  • Verification of Down Payment as applicable :
    • Where any portion of the down payment is from savings in bank account – a 60 day account history is required
      • if 60 day history shows a wire transfer in, provide details on source of funds (i.e. where are funds from (location)) and how they were acquired (i.e. sale of property, etc.)
    • Identify any gifted portion – noting a signed Gift Letter can be a condition of approval
    • Sales Contract – if from sale of property (MLS if listed and not yet sold)
    • Draft confirming deposit amount
• 12 months of strata minutes and most recent AGM for High Ratio strata property applications only

• For pre-sale purchases completing within 90 days please also provide one of the following:

  • Confirmation of completion from the developer. The confirmation of completion notice can be in form of an email or letter noting the property will be complete within 90 days of this submission. 
  • Confirmation of walkthrough date from the Developer
  
  

Here is an example of what is required with a minimum document package:

Down Payment

Acceptable sources of down payment include:

• Borrower’s funds on deposit
• Non-repayable financial gift from a relative
• RRSP withdrawal
• Leveraged funds
• Proceeds of sale of real property
• Employer relocation allowance
• Down payment funds should include all applicable closing costs e.g. property purchase tax, HST (if applicable), legal fees etc.
• Down payment funds must be either held on deposit with Coast Capital or confirmed as held in trust with the conveyancing law firm
• Include the associated payment in debt servicing when using leveraged funds as a source of down payment.
• Where any portion of the down payment is from a Bank Account, we require a 60 day history of savings prior to the commitment

• For insured mortgage a gifted down payment must come from a relative or immediate family member only, gifts from another source are not permitted for insured mortgage.
• We require a letter of confirmation verifying the gift is unencumbered, requires no re-payment, states relationship of giftor to giftee, and verification of the existence of the gift is attached.
  • the person offering the gift must sign the approved Downpayment Gift Letter  (myCoast Broker Resources link)
• In addition to Gift Letter, the funds are to be on deposit in the borrower's account prior to closing or obtain confirmation that the funds were sent directly to the solicitor.

• Must be dated no more than 1 month prior to the date the application is received
  • Must display
    • Employer’s name
    • Borrower’s name
    • Most recent pay amount
    • Year to date earnings
  • Indicated pay period amount should reasonably align with expected yearly income.

• Must be signed and dated within 1 month of receipt of the application 
• Must display
  • Employer’s name
  • Borrower’s name, length of employment (or date of hire) and position
  • Employment status
  • Guaranteed hours, if applicable, where the borrower is employed part-time
• Must directly address the borrower income
• Where required, verbal verification should include the name, position and contact information of the person providing the verification.  Coast Capital should initiate verification and the contact number used must be from an independent source.​

• Account statement must show the most recent 3 months history of direct payroll deposits.
• Deposit must be into a Canadian financial institution.
• Account statement must display the borrower’s name as the owner of the account.

• All relevant schedules and forms must accompany the T1. 
• Evidence of taxes paid in full where the NOA has balance of $1500 or greater.
• An “Income Tax Information Regular” form is an acceptable substitute for the NOA.​

• This multi-purpose form provides information on several income types.
  • T4 – employment income
  • T4A(OAS) – Old Age Security
  • T4A(P) – Canada Pension Plan
  • T4E – employment insurance
  • T4RIF – registered retirement income fund

Coast Capital requires a satisfactory appraisal in the following circumstances:

• Mortgage amounts over $800,000
• Improvements are less than $50,000
• For refinances greater than 75% LTV
• Leased Land Properties
• Hobby farms or Properties 5 Acres or Greater
• Manufactured Homes on Borrower’s Own Land
• Recreational Properties
• Properties with a previous marijuana grow operation or other illicit drug production

You may use the purchase price to establish LTV where the automated valuation tool produces a property value within 3% of the purchase price.

For HELOCs, you may use an automated property valuation tool for LTV up to 65% and maximum loan amount of $800,000.00.

• Rental New Purchase/Existing Residence Converting to Rental
  • A full appraisal or site visit with a statement of economic rents from an authorized appraiser.
• Existing Rental or existing Owner Occupied property with Suite
  • Collect one of the following:
    • A T1 General with corresponding NOA
    • A full appraisal or site visit with a statement of economic rents from an authorized appraiser with confirmation of the number of units tenanted. 
    • Tenancy agreement with a 3 month deposit history of the rent.
• Strata Rental Property
  • Ensure that no rental restrictions exist if the borrower uses rental income for qualification purpose. 
• Insured Mortgage
  • As per the insurers requirements.
    

Form B's are required for all strata properties and must not be older than 90 days.