Advice and info on what you need when applying for a mortgage.
Your Mortgage Advisor needs certain information before they can approve the mortgage loan you are requesting. The following list will allow you to bring everything you need when applying for a mortgage.
The importance of being well prepared
When getting a mortgage application approved, the most common reason for delays is missing or incomplete information. As a buyer, the best way to get your mortgage or pre-approval request processed as quickly and accurately as possible is to bring all the information you’ll need when you meet with your mortgage professional.
What documents and information must be provided?
Multiple pieces of government-sourced identification, preferably ones with a photo.
Your current address and at least two previous addresses (if applicable).
If you are a tenant, a letter from your landlord confirming your rental history.
The name and address of your current employer and previous employers (as applicable).
Proof of employment, including pay stubs or other proof of income (salary, commissions, pension, etc.). You will also need to indicate the position you hold with your current employer and, if you have worked for them recently, with your previous employers. Other useful documents include a T4 form or, if you are self-employed, the notice of assessment for the previous two years.
Proof that you have the money for the down payment and the source of that money (eg savings account, RRSP, proceeds from the sale of another property, donation, etc.). If a family member intends to pay a portion of your down payment, you will also need to submit a signed letter from them stating the reason for the donation and confirming that it is non-refundable.
Financial statements for the last few months (bank accounts, investment statements, sales contract of a previous property, if applicable, etc.) to show that you have the money for the down payment, as well as contact details for your financial institution.
Documents describing your current debts and other financial obligations (credit card balances and limits, car loan or car lease, child support payments, other mortgages, etc.).
After you make an offer to purchase on the property, information about the property you intend to purchase, including a copy of the MLS service listing, a signed offer to purchase, a copy (cancelled) deposit cheque, copies of previous property appraisals, building features, a current property tax statement, heating costs and condo fees (if applicable).
Talk to your Mortgage Advisor
Lenders do not all have the same requirements. So don’t hesitate to speak to your mortgage advisor before meeting him and ask him what you need to bring to your first meeting.
Canada Mortgage and Housing Corporation (CMHC) offers a variety of publications , calculators and tools to help you make informed and responsible decisions when buying a home.
The information is provided by CMHC for informational purposes only, without reference to the particular objectives, circumstances or needs of the reader. They are not intended to provide advice and should not be used as such. The information provided is believed to be reliable; however, their accuracy, completeness or timeliness cannot be guaranteed. Neither CMHC nor its employees, nor any other party mentioned in this fact sheet (lender, broker or other) can be held liable in any way with respect to the information provided. Permission is granted to parties interested in CMHC activities to distribute materials at their own expense. The interested organization mentioned above is responsible for the distribution of this document.