Documents required for all Mortgage Applications
The mortgage application process can be stressful. To make the process quicker and smoother, it is best to have most of your documents organized up front.
What to keep in mind!
There are some common mistakes, so we will start by covering some of those items.
- All documents must be current
- within 30 days of the application.
- All documents must be in PDF format, clearly legible, and encompass all pages.
- Do not black out any information on any document.
- Documents must show your name and address to confirm ownership (where applicable).
What you need to provide for income documents;
Some of the basic income documents you will want to have prepared are;
- Traditionally Employed
- Most recent paystub
- Current letter of employment
- Including minimum hours, title, salary or hourly rate, starting date (No job offers)
- Most recent years T4
- If applicable, Confirmation of Bonus
- Two years T4’s
- 2 years accountant prepared T1 Generals
- 2 years Notice of Assessments (NOA)
- Articles of Incorporation and 2 years Business Financials
- Business Registration and/or HST number (depending on business type)
Next, do you already own property(s)? Then you will need to provide;
- Current dated mortgage statement
- Current property tax statement
- Lease/Rent agreement (if applicable)
- Confirmation of Valid Home Insurance Policy
- Complete Sale Agreement (if applicable)
- Confirmation of condo fees (if applicable)
Lastly, every application requires a few extra documents;
- Government issued photo ID (no health card)
- Void Cheque or PAD form for payment setup
- Separation agreement (if applicable)
- Bank statements showing receipt of child/spousal support
- Child Tax Benefit confirmation (if applicable)
- Confirmation of down payment (if applicable)
- Traditionally 30-90 days history showing funds available in your account(s)
- Final firm Sale agreement if coming from proceeds of sale from an existing property
This may not be a full list of what will be requested, but it is a great start!
If you have any questions, or need help with your home financing, please feel free to contact me any time.