Whether your purchasing your first home, or refinancing your existing mortgage there will be certain document that you will need to collect to complete the mortgage application process. The more prepared you are, the quicker the approval process will be. So lets go over what documentation is necessary when completing the mortgage application process.

Confirmation of down payment

1. 90 days worth of bank statements
2. If the down payment coming from the sale of an existing property, you will need a copy of the sale agreement.
3. Is Mom or Dad helping you out? Then you will need a completed gift letter. Ask your Broker for one, as they will have these on file.
4. Using RRSP’s? You’ll need withdrawal confirmation and a bank statement showing that the money has been deposited into the account

Paperwork from the Real Estate Agent

1. Purchase and sale Agreement
2. MLS listing
3. Property disclosure statement
4. Strata Form B, if purchasing a condo

Employment and Income Verification

1. Current Job letter and pay stub
2. Past 2 years Notice of Assessments
3. T1 general, if self employed
4. Legal agreements to support other income such as spousal or child support payments
5. Any other compensation (disability, rental income, etc.)

If you own a home

1. Current mortgage document
2. Most recent tax an utilities bill
3. Legal description of your property, which is found on your property tax statement or original purchase agreement.

If you have any questions in regard to this post, please feel free to call or email me.

Have a great week!

– D