Mortgages and the overall process can be quite complicated and confusing. One of the more dreaded components of the mortgage process is the collection of documents to secure your mortgage approval and support your mortgage application – these documents can entail income, down payment, identification, banking information, or current real estate holdings.
Here is a short summary on the type of documents needed for varying types of applications:
Purchase application
– Letter of employment, recent pay stub & previous two years of T4s – if pension income (CPP, OAS, etc) please provide previous two years of T4A slips
– If self-employed or commissioned income – Previous two years T1 General tax returns, Notice of Assessments & business licence or articles of incorporation
– If you currently own a home or rental property(s): Current mortgage statement, property tax statement, and lease agreements if you own investment property(s)
– Previous 90 days bank statement history form all accounts being used for down payment, do not filter the bank statements
– Void cheque or pre-authorized debit form from the bank account you want your mortgage payment drawn from
– Two pieces of ID – all applicants
Refinance or mortgage renewal application
– Letter of employment, recent pay stub & previous two years of T4s – if pension income (CPP, OAS, etc) please provide previous two years of T4A slips
– If self-employed or commissioned income – Previous two years T1 General tax returns & Notice of Assessments & business licence or articles of incorporation
– Current mortgage statement, property tax statement, and lease agreements if you own investment property(s)
– Void cheque or pre-authorized debit form from the bank account you want your mortgage payment drawn from
– Two pieces of ID – all applicants
Alternative or “B” lending application – stated income program
In addition to the above, depending if you are purchasing or refinancing: For self-employed your previous 12 months bank statements from the account(s) that business revenue first enters from the consumer and if commissioned your previous two years of T4A slips
Private Lending
See above for purchases and refinance – we require previous 90 day bank statements regardless if purchasing or refinancing
This is a quick list of documents needed for differing types of applications and leading profiles.
Have a great day!
Cam Wilson, Mortgage Agent
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