- Gathering your documents early saves you significant time in receiving a mortgage offer.
- The general documents are employment and income verification, proof and source of down payment, basic financial info, and property details.
- It’s much better to over-prepare than under-prepare!
Lenders ask for a lot of things, and if you’re missing even one thing you end up looking like a schmuck and leaving their branch empty-handed, only to have to come back another day. To avoid wasting your time, get all your documents together early so that you can fast-track your approval.
Below are a few things you’ll need to get a mortgage offer:
Employment and Income Verification
- 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 (i.e. support payments, investment income, rental income, etc.)
Proof and Source of Down Payment
- Savings or investments statement from 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)
Basic Financial Info
- A list of current assets and liabilities (debts)
- Bank account and transit number for payment withdrawals
- 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
While some of these documents may be unnecessary if you’re just getting a pre-approval, it’s always better to be over-prepared than under-prepared. In addition, your lender may ask for these documents some time in the future, so it’s a good idea to keep them on hand until you’re finished with the home buying process.
To make your life even easier, download our mobile app (Android or Apple) to store all your important documents in one convenient place. Upload documents as you find them to make this an ongoing process instead of one gigantic task. And, if you ever need any help with the mortgaging process, don’t be afraid to call on our mortgage consultants. We are here to help!