I/we warrant and confirm that the information given in the mortgage application form is true, complete, and correct and I/we understand that it is being used to determine my/our credit responsibility and to evaluate and respond to my/our request for mortgage financing. You are authorized to obtain any information you may require for these purposes from other sources (including, for example, credit bureaus) and each source is hereby authorized to provide you with such information. I/we also understand, acknowledge and agree that the information given in the mortgage application form as well as other information you obtain in relation to my credit history may be disclosed to potential mortgage lenders, mortgage insurers, Realtors, lawyers, other service providers, co-applicants/guarantors/giftors, organizations providing technological or other support services required in relation to this application, and any other parties with whom I/we purpose to have a relationship.

I/we further acknowledge and agree that each potential mortgage lender, mortgage insurer or service provider to whom you provide the mortgage application and/or my/our personal information is permitted to receive such application and information and maintain records relating to me/us and my/our mortgage application and to hold, use, communicate and disclosure personal information about me/us, including my/our Social Insurance Number (SIN) if I/we provide it, and collect personal information from me/us, you and from third persons, including credit bureaus, credit reporting and collection agencies, financial institutions, my/our past and present employers/creditors and tenants, my/our spouse/family/co-signers/guarantors/giftors or any other person who has information about me/us for the purposes of recording, evaluating and responding to my/our application for mortgage financing or related activities and I/we specifically consent to the release and disclosure of personal information by such persons to and among you and each potential mortgage lender, mortgage insurer or other service provider.

IMPORTANT INFORMATION:

1)         You must be in Canada during the closing period to meet with your lawyer in person – and you must present valid identification, property insurance and other documentation during this meeting (ask your lawyer for further details)

2)         You must declare large or unusual deposits, borrowed funds, gifts, crypto or foreign deposits/ assets with your application.

3)         Any changes or new information related to your application, income/change in employment status, financial situation, property or intended use of the property (e.g., owner occupied/rental) could result in the mortgage being declined. This includes change in employment, income, applying for new credit, properties owned or other aspects of your application. For example, please do not buy/lease a car, quit/change jobs, start a new business or co-sign for any loans.

4)         The lender’s documents shall be considered correct in the event of a discrepancy between the lender documents and any Mortgage Outlet document.

5)         You acknowledge that you have spoken with your accountant and/or lawyer to discuss tax and ownership implications (including, but not limited to income tax, foreign buyer’s tax/restrictions, capital gains, Home Buyers’ Plan (HBP/RRSP) etc.) and adjustments (land transfer tax, HST, closing costs, builder fees, development charges etc.)

6)         You must submit all required documents at least 10 business days prior to closing

7)         Please read all documentation carefully. Our agents and brokers are here for you – call us, email us, text us with any questions

MORTGAGE SUITABILITY:

You acknowledge that you have spoken with your mortgage agent/broker and determined this mortgage is suitable for your current and future needs, including but not limited current and future payment affordability, renewal/refinancing terms or penalties/prospects of the lender not renewing your mortgage and demanding repayment, conventional and collateral charges, short and long term goals, requalification/complexity of mortgage portability/assumability, current and future bridge financing, future purchases (e.g., co-signer/guarantor) length of the mortgage term, prepayment privileges, amortization, early payout-penalties, variable vs. fixed rates (e.g., rising variable rates/payments/trigger rates), and interest calculations.

If you have any concerns about the terms above, please contact your mortgage agent/broker.