Mortgage Checklist
If you are on the path to home ownership, comparing the best mortgage rates in Canada should have already been your first step because the more rates you compare, the better your chances are of finding one that suits your needs. Once you have found the right mortgage product and rate – your lender will ask you for a number of documents to support your mortgage request. The documentation will help finalize the mortgage process quickly and efficiently.
THE MORTGAGE CHECKLIST
Financial Documentation
- A mortgage pre-approval certificate
- Banking information
- A recent savings/investment statement
- A list of your assets and liabilities
- If you’ve received monetary funds as a gift – a gift letter
- RRSP withdrawal statement if you’ve elected to use the First Time Home Buyer’s Plan
- A copy of the sale agreement if you sold an existing home
Employment Verification
- T4 Slip
- Copy of the latest pay slip/cheque
- Letter of Employment
- If you are self-employed, you may need a T1 – General Notice of Assessment (NOA) letter or other evidence to show support income
Other Important Mortgage Documents
- Two forms of identification (ex. Driver’s Licence, passport, etc.)
- Copy of the property listing
- A copy of the purchase and sale agreement or the signed offer to purchase
- Valuation report for property details
- Lawyer/notary details
The mortgage process involves many forms of documentation, so to stay organized, it is best to file and store these documents in an accessible and secure manner. Each mortgage application process is different, so depending on your situation, your lender may ask for other documents to support your claim. In order to prepare yourself for what may lie ahead, talk to a mortgage broker in Canada.