Purchase vs refinance mortgage documents
Purchase vs refinance mortgage documents
Deal-type document comparison
Use separate checklists per deal type — lenders expect different core packages:
| Document | Purchase | Refinance / renewal |
|---|---|---|
| Agreement of Purchase and Sale | Yes | No |
| Down-payment proof | Yes | Sometimes (if extracting equity) |
| Current mortgage statement | No | Yes |
| Property tax bill | Sometimes | Yes |
| Updated income | Yes | Yes |
| Appraisal | Sometimes | Sometimes |
Purchase-specific intake
Purchase files add:
- Gift letters with donor proof of funds
- Deposit receipts
- First-time buyer program forms (varies by lender)
- Property details from the accepted offer
Track each as a checklist line instead of a buried email attachment.
Refinance and renewal waves
Refinance files emphasize:
- Current mortgage statement
- Property tax bill
- Updated income documentation
- Appraisal if required by lender
Fixed-rate renewals in 2025–2027 add another documentation wave. A renewal checklist template saves re-building the list every time.
Separate templates in Hivi-X
Build purchase, refinance, and renewal templates once. Attach the right one per borrower. Share via a secure guest link (no account needed) or the my-id.ca portal. Export when complete.
Start a free trial or see renewal/refinance intake workflow.
Answers are general operational information only — not legal, tax, regulatory, clinical, privacy, immigration, or professional advice. Requirements vary by matter, client, and regulator.
Frequently asked questions
- What is the difference between purchase and refinance documents?
- Purchase emphasizes down-payment source and offer details. Refinance emphasizes existing mortgage statements, property tax, and updated income. Maintain separate checklists for each deal type.
- Do renewal files use the refinance checklist?
- Often yes. Fixed-rate renewals in 2025–2027 may require re-qualification packages similar to refinance intake — updated income, mortgage statements, and property tax.
- Can one checklist cover both deal types?
- You can, but separate templates reduce confusion. Borrowers see only the items relevant to their deal.
Build complete borrower files without the email chase
Hivi-X helps Ontario mortgage agents collect ID, income proof, down-payment evidence, and lender conditions with reusable checklists, a secure guest link (no account needed) or my-id.ca portal, self-hosted AI summaries, and exportable PDF packages for Finmo, BOSS, or Filogix.
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