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Mortgage Application Checklist
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Mortgage Application Checklist
Below is a list of required documents when applying for a mortgage. However, every situation is unique and you may be required to provide additional documentation. Compiling all of these documents early in the mortgage process will help us expedite your application and get you a quicker commitment.
Personal Documents
List of personal documents that you should gather to expedite your mortgage application.
Income Verification
Income verification provides confidence in your ability to comfortably meet your mortgage repayment obligations.
Two Years Of Tax Returns
2 Pieces Of Photo Identification, Front And Back In Colour (Cannot Use Health Card)
Copies of your paystubs for the last 60 days
Copies of your tax returns for the last 2 years
T4 – Original Copies, Last 2 Years
Notice of Assessment – All Pages
Letter explaining any gaps in employment in the past 2 years
Job Title and Start Date
Contract Or Permanent
T1 General
Work Arrangement – Salary or Hourly
Names and addresses of all employers for the last 2 years With Current Letter Of Employment
Marital Status
Are Your Income Taxes Up To Date
Assets
An asset list provides a clear picture of your financial strength, helping verify your down payment and available funds.
Properties That You Currently Own - Rental Properties, Second Properties, AIRBNB
Cash
Investments
RRSP
Life Insurance
Vehicles
Boats
Household goods
Additional assets
Debts Or Obligations
A clear overview of your debts and financial obligations helps demonstrate your overall financial position and confirms your debt-to-income ratio.
Prepare a list of all names, addresses, account numbers, balances, and monthly payments for all current debts with copies of the last three monthly statements
Include all names, addresses, account numbers, balances, and monthly payments for mortgage holders and/or landlords for the last two years
Your Property Documents
Property documentation provides lenders with the information needed to verify the property’s details, ownership, and value, helping support a smooth mortgage approval process.
Copy of signed and complete sales contract
Verification of property deposit
Copy of MLS Listing and Legal Description
Copy of Status Certificate (if condominium)
A Current Statement Showing The Balance Of The Current Mortgage (Refinance, Renewal, Transfer, Switch)
Current Year's Property Tax Notice Or Current Appraisal
Homeowner's Insurance Statement
Are Your Property Taxes Up To Date
Contact Information For Realtor
Contact Information For Lawyers
Contact Information For Insurance Agent
Geowarehouse Parcel Register
Source Of Funds - Down Payment
Documentation of your down payment funds helps verify the source of the funds and confirms they are readily available to support your home purchase.
Bank Account Statements For The Last 3 Months
Gift affidavit as well as proof of receipt of funds
Investment account statements for the last 3 months as well as copies of certificates
Sale of existing home – provide copy of firm sales contract on your current residence and statement or listing agreement if unsold (at closing, you must provide settlement/closing statements)
Self Employed/Commission Income/Bonus Income/Interest Income/Rental Income
Documentation of self-employed, bonus, or commission income helps the lender accurately assess your qualifying income and ensure your mortgage application is supported by a clear and reliable financial picture.
Full Tax Returns For The Last 2 Years
Profit and Loss Statement including all schedules and statements
Alimony/Child Support
Copy of court order stating amount as well as proof of receipt of funds for the last year
Social Security Income, Disability Income Or Canadian Forces Benefits
Provide award letter from agency or organization
Proof of receipt of funds for the last year
Business Documents
Business income documentation helps the lender verify your business earnings and accurately assess your qualifying income, strengthening your mortgage application and supporting a smooth approval process.
Business License
Business Name
Scope of Work
T1 General
Notice Of Assessment
2 Years Of Statements For All Documents
Estimated Annual Gross Income
Estimated Annual Expenses
Business Bank Statements
Invoices
Business Financial Statements For The Last 2 Years
Other Necessary Financial Statements
Let us know of anything else we need to know that may affect your application; list of dependents, co-signers, credit history issues etc.