Verico Kelly Mortgage Service Inc. provides financing for residential 1st and 2nd mortgages as well as commercial 1st and 2nd mortgages. We have access to over 35 lenders which enables us to secure the best terms and conditions available to you based on your personal qualifications.

The mortgage loan application process is very simple. In fact to be preapproved all you have to do is complete an application which can be found here and then email it to us at documents@kellymortgages.com or complete our online application.

 


When you have found your dream home and it is time to change that preapproval into a full approval the process is still not that hard and all we need is the following:

    1. Copy of the fully signed purchase agreement and the property details (MLS Listing)

Each lender has specific conditions that will have to be met in order for the mortgage to close and the following is a list of some of the more typical information requested by the lender:

Income/Employment Confirmation:

    1. If you are a salaried employee in the private or public sector typically you will be asked to provide two recent pay stubs and an employment letter that states your position title, length of time with the employer, gross annual income, and whether or not you are full time. The letter has to be on company letterhead and there should be contact information for the manager or HR rep that provided the letter.
    2. If you are self employed typically you will need to provide confirmation of a minimum of two (2) years self employment via articles of incorporation, business license or T1 Generals. And, provide two (2) years personal Notice of Assessments to confirm no personal taxes are owed to determine your average income over the last two years.
    3. If you are on contract you will need to provide a copy of the contract.
    4. If your average income is not enough to cover debt servicing there are CMHC/GE insured programs available through lenders for those clients that meet their minimum requirements – such as credit score. The same documentation as required in “Step B” is required for these products.

Down payment Confirmation:

    1. If the down payment is coming from your savings or personal investments a 3 month history via bank or investment account statements will need to be provided to the lender.
    2. If the down payment is coming from the sale of home a fully signed and completed agreement of purchase and sale for the home you are selling will need to be provided and confirmation of receipt of those funds, bank statement, trust ledger from your solicitor etc will be required.
    3. Gifted down payments from immediate family members are allowed and a “gift letter” can be provided for completion. This amount has to be a gift and not a loan. And, receipt of these funds must be confirmed to the lender via bank statements.
    4. As of February 2004 CMHC/GE will allow for borrowed down payments in some situations so long as the payments for the loaned amount do not negatively affect the debt servicing ratios.

Void Cheque:

    1. For the account you wish your monthly payments to be withdrawn from.

Additional information may be required by the lender. The above items, including the purchase agreement and MLS listing are the typical documents requested. We advise our clients to have these documents submitted 10 business days prior to loan closing to avoid any potential delays.