Documentation Required For Your Final Mortgage Approval

Confirmation of your earnings

- a signed letter from your employer if you're on salary; three years tax returns if you earn commission; or three years' tax returns and financial statements if you're self-employed.

Confirmation of your down payment amount

- This could be your bank savings passbook, RSP or GIC statements.

A copy of your purchase agreement -

If you're also selling a home, we'll need a copy of your sale agreement as well.

Copy of the MLS listing

which contains property details and photo contract and building plans, if you're building a home or its a new development.

Completed Application Form -

so a full credit report can be completed. When you go to several lenders they all may do a credit report. The more inquiries the worse off you are. We'll do one credit bureau, which can be used for a number of different lenders.

We can provide you an online mortgage pre approval without the following documents on the assumption that whatever you have disclosed can later be verified and provided as requested by the lender. So what you will get is an approval conditional upon supplying these documents. A word of advice here is to get you final approval with minimum outstanding conditions. You see, an approval is not guaranteed until all requirements are met. So if you bought a home than the bank came back requesting a T4 for income verification and you could not supply it because the bank didn't initially ask you the intricate details of your income (say you were an commissioned based salesperson or worked on a freelance basis) you could find yourself in trouble at that point. We'll ensure the approval that is supplied has thoroughly reviewed your personal financial situation, so there are no surprises.

Record of Employment -

A Lender will expect to see a two to three-year history record of employment from a mortgage applicant. This type of information includes: A signed letter from a full-time employer outlining level of salary, source deductions, and bonuses or commissions; or a letter of income, and pay-stubs from an employer for consistent part-time work over a minimum of two years; or three years of financial statements or records, and tax returns for self-employed individuals.

TIP: Keeping up-to-date financial information before you begin to look for a new property to eliminate obstacles in the mortgage process.

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