MORTGAGE APPLICATION CHECKLIST
Set Yourself Up For Success - Documents to Collect For Your Mortgage Approval
Our top mortgage brokers are ready to guide you through a seamless mortgage approval – this goodness starts with having all of your documentation ready to provide to your mortgage advisor. Though each credit file is unique, and lenders can call upon additional documentation to get your application to approval, these are some of the key documents that you should provide to your mortgage professional based on your employment situation.
INCOME DOCUMENTS
EMPLOYEES
- A signed Letter of Employment, from your employer, dated within the last 60 days
- A current paystub (not older than 30 days) breaking down your income
- 2 Years of Notice of Assessments
IF YOUR INCOME IS INCONSISTENT, ADD TO THE ABOVE
- For those employees that earn hourly pay, bonuses, commissions or overtime pay, add your most recent T4 Slip to your document package.
SELF-EMPLOYED APPLICANTS
- Provide 2 Years of filed Notice of Assessments
- T1 General Statements for the last 2 Tax Return Years
- 2 Years of T2125 Tax forms – also known as Statement of Business or Professional Activities. This helps to report your business and professional income and expenses and the form can help to calculate your gross income and net income.
- Current Canada Revenue Agency account standing with proof of any outstanding dues paid.
- A lender may also ask for Audited Financial Statements prepared by a professional accountant.
PROOF OF DOWN PAYMENT CONFIRMATION
- Print or download a 90-Day account history for the accounts that your down payment is saved in. Any large transactions will need to be verified with supporting documentation to your mortgage loan broker.
- Ensure that your name and account number can be clearly verified on each of the verification documents.
- A rule of the industry is to actively work to not move your money around in your accounts leading up to your mortgage application as this will create additional document needs from your licensed mortgage broker.
- If you are receiving a gifted down payment from an immediate family member, reach out to one of our mortgage advisors who can prepare you with the additional documentation to be signed, confirming this gift is non-repayable.
PROPERTY DOCUMENTS
You’ll want to work with your trusted REALTOR® to ensure you have a copy of the following documents to provide to one of our mortgage agents.
- The accepted Offer to Purchase
- A copy of the public MLS Listing which lays out the property details (additionally used for calculating some of the home affordability costs)
- Details of any condo fees or additional costs of home ownership on the potential property.
ADDITIONAL DOCUMENTATION
- A copy of your valid photo identification
- A Pre-Authorized Debit Form or Void Cheque from which your mortgage payments will be drawn from.
We’re committed to you having the most informed and connected mortgage experience.
Purchasing real estate in Toronto, or elsewhere, is an exciting time – but it is likely to come with many questions along the way. Every mortgage application is unique, so please do not hesitate to reach out to our team of certified mortgage advisors to have all of your questions answered.
Looking to be connected with a Toronto mortgage consultant that specializes in bad credit mortgages? Our team has the experience and knowledge to get you to a mortgage approval – connect with our team any time.