PREPARING FOR A MORTGAGE

Choosing the right home loan can be just as stressful as finding your perfect house.

Our team can provide the best advice on how to prepare for a home loan.

Doctor's Desk
Mortgage application tips —
what your mortgage professional needs to know
Tips and lists of everything you need when applying for a mortgage.

Your mortgage professional requires certain information before they can approve you for a mortgage loan.

Use this list to make sure you bring everything you need with you when applying for a mortgage.

The importance of being prepared

The most common reason for delays in getting approved for a mortgage is missing or incomplete information. As a home buyer, the best way to make sure your mortgage or pre-approval application is processed as quickly and accurately as possible, is to bring all the information you need with you when you meet with your mortgage professional.

What do you need to bring with you?
  • Several pieces of government-issued identification, preferably those including a photo.

  • Your current address and at least two previous addresses (as applicable).

  • Employment letter dated within 30 days from your employer that states your job title, start date, rate of pay and any other info deemed important from your employer

  • The name and address of your current employer and past employers (as applicable).

  • Proof of employment, including pay stubs or other proof of income (salary, commission, pension, etc.), your position with your current employer and past employers depending on how long you’ve been working there. Other useful documents include last two years of T4 or, if you are self-employed, last two years of Notices of Assessment (NOA) 

  • Most recent 2 years T1 Generals

  • Recent financial statements for the past several months (bank accounts, investment statements, sale of previous property if applicable, etc.) to show your down payment as well as the contact information for your bank.

  • Your current debts and other financial obligations (including credit card balances and limits, car loans or leases, student loans, personal loans, lines of credit, child support or alimony payments, other mortgage loans, etc.).

  • Information about the property you are looking to purchase, including a copy of the MLS listing, a signed Offer to Purchase, cancelled deposit checks, copies of previous appraisals, building specifications, current property tax statements, heating costs and condominium fees (if applicable) once you have made an offer on a home.

  • If you own your own business: Articles of incorporation, most recent GST returns and business license might be requested.

  • If you own any real estate will need the following:Most recent mortgage statement. Municipal property tax statement.

  • If you are a tenant you will need current lease agreements.

  • Down payment confirmation: Lenders will typically ask for 3 months of bank statements of whichever account you are using for the down payment.

  • If family is gifting you some or all of your down payment we will require confirmation of the funds deposited into your account with a signed gift letter from both parties that we will provide depending on which lender your approval is with.