Gathering These Documents Will Expedite Your Approval

The number of documents required to apply for a mortgage can be intimidating. Locating and gathering these documents can take a while. We know that when you’re ready to apply for a mortgage, time is of the essence. That’s why we put together this list to help you prepare and gather the essentials. You can use our online application form or the My Mortgage Auction app to easily upload and securely store your documents as you begin collecting them.

Here is what the lenders need before they’ll provide an offer:

1. Employment and Income Verification

All of the following are required:

  • Copy of your two most recent pay stubs
  • Bank Statement showing evidence of recent pay deposit
  • Last Year’s Tax Return and Notice of Assessment (NOA)
  • Employment Verification Letter
  • Previous employment (if at current employment for less than 2 years)
  • Statements for any additional income sources (ie; support payments, investment income, rental income, etc.)

2. Proof and Source of your Down Payment

Only the applicable items are required:

  • Savings or investments statement from within the last 90 days
  • Sale of an existing property – a copy of the sale agreement
  • Withdrawal from RRSP through the Home Buyer’s Plan
  • Gift Letter (if the money is coming as a gift from friends or family)

3. Basic Financials

  • A list of current assets and liabilities (debts)
  • Bank account and transit number for payment withdrawals

4. Property Details

  • A copy of the real estate listing
  • A copy of the accepted purchase and sale agreement
  • The property’s full address, including the legal description and postal code
  • Property tax estimates, condo fees, and heating costs
  • For rural properties, well and septic certificates
  • Lawyer’s name, address, postal code, telephone, and fax number

When you are seeking a pre-approval the list is somewhat smaller; however, once you are ready to buy and have made an offer you will need to supply additional and sometimes more current versions of the above documents. Using our technology to securely store your documents will save you time when you go from pre-approval to approval as well as in general when communicating with our brokers.