What documents do I need when applying for a mortgage?

Are you getting ready to buy a home? Getting pre-approved for a mortgage (vs. just “pre-qualified”) is an important step in the home buying process. It will help you determine what you can afford, prepare your monthly budget that includes your mortgage payments, and will help to ensure you are informed, comfortable and prepared with your financing when the right home is found which will streamline the offer process for you and reduce overall stress.

Here is  a checklist that will help you put together all of the mortgage documentation you’ll need to bring to your lender to get pre-approved.

Information about your employment:

-> If you are self-employed, you’ll need a copy of your T1 General and Notice of Assessment
-> If you are not self-employed, you’ll need a copy of your latest pay stub, your most recent T4 and a letter of employment from your employer.

Information about your down payment:

->You’ll need a bank statement for the last three months
-> If you are selling and have sold your home before you buy, a copy of the Agreement of Purchase & Sale
-> Withdrawal document if you are taking the money from an RRSP
-> A letter stating the downpayment was a gift if it was a gift from a friend or family

When you’re ready to buy a home and obtain your mortgage, the bank will require a number of documents relating to the property you intend to purchase, including:

-> A copy of the Agreement of Purchase & Sale
->The contact information for your real estate lawyer
->The MLS listing details
->The title search
->The property disclosure statement

If you have any questions about the pre-approval process feel free to contact us.

First published on Royal LePage Johnston & Daniel’s real estate blog “Muddy York”:

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Toronto-based real estate professional who creates and curates relevant online real estate content to help busy people stay informed.