In the world of mortgages, it doesn’t matter if you’re purchasing a new home or simply refinancing your current home to get cash, there are some typical documents that you’re likely to encounter. Your broker will let you know specifically which ones are required, but here are the most common ones we could ask for:

Buying a home?

Information that describes the property you are buying

  • Purchase and Sale Agreement (Typically provided by realtor)
  • Full MLS Listing from Realtor (Typically provided by realtor)

Confirmation of your Down Payment

  • 90 Day history of the bank account(s) you are getting your down payment from. This could be a mixture of investment, RRSP or chequing account.
  • Using Proceeds from Sale of Current Home? Eventually, we will need the Sale Agreement (typically realtor provides)
  • Gift Letter – If being gifted money from immediate family, we need a specific letter filled out. Ask your Mortgage Broker.
  • Using RRSP’s (including First Time Home Buyer Plan)? Need a 90 day transaction history when the time comes to take the money out, as well as (for most lenders) a receipt/statement showing it’s been cashed and money is available.

Employment and income verification

  • Copy of Latest Paystub (for employees)
  • T4 Slip from Canada Revenue Agency (for employees, not always required, check with your Mortgage Broker)
  • Letter of Employment (always needed for employees. Must be on company letterhead, signed, and show: start date, job title, when you started, rate of pay, and how many guaranteed hours you get. Some lenders require it to say you’re not on probation, if it’s a newer job)
  • Tax Returns (Past Two Years) that were sent to the Canada Revenue Agency (typically for self-employed, this includes contractors)
  • Notice(s) of Assessment (Past Two Years) rom the Canada Revenue Agency (Almost always required for self-employed/contractors, sometimes for employees. Past Two years)
  • Other Income
    • Get/give spousal(alimony)/child support? Will eventually need a Separation Agreement
    • Other compensation (disability, pension, rental income, etc. discuss with your Mortgage Broker)

Do you currently own your home?

Information related to your existing property/properties:

  • Recent Mortgage Statement
  • Most recent property tax bill/statement (not the Property Assessment, which simply gives you an estimate of value of your home, but the bill f how much you have to pay/owe)
  • Confirmation of condo fees (ask your Mortgage Broker how to get them)

Other Information we may require

  • Void Cheque for account you want mortgage payments to come out of
  • Name, address, telephone number of your lawyer (if needed, some mortgages don’t require you have your own dedicated lawyer. Ask your Mortgage Broker)
This list is a starting point to any mortgage, however, there may be more questions asked relating to what you own and owe. When working with a broker, we will work with many lenders to get you the best deal on your mortgage. Their requirements maybe different, but we will always help you make sure you’ve got everything necessary for approval.