To complete a mortgage application, you will need to provide specific documentation. To help make the process easier and faster, collect this documentation even as you search for a suitable property. While lenders can vary on what is required, most require the following:
- Information about your employment, including confirmation of salary (e.g., a letter from your employer, a pay stub, a notice of assessment from CRA, bank statements, etc.)
- Information about any other sources of income you may have, if applicable
- Where you bank
- Proof of any assets, including RRSPs or a savings account
- Details of any loans or other debts, such as student loans
- For purchases: evidence of your down payment, including the amount and where it’s coming from
- For re-negotiating or changing lenders: a mortgage statement showing the current mortgage balance (or proof of free and clear title to the property)
- The full address of the property
- A copy of the real estate listing, if applicable
- Your mortgage pre-approval certificate, if one was issued
- Contact information for your lawyer or notary
- A copy of the agreement of purchase and sale, if applicable
- Estimates of your monthly housing costs (e.g., property taxes, utilities, etc.)
- Proof that you have the funds to cover any closing costs (a minimum of 1.5% of the purchase price, or more, is recommended)
Lenders, as well as mortgage brokers/agents, will rely on the information you provide. This information helps them find the right mortgage for you. It is critical that you are completely honest when providing them with information.
Errors in your application can easily lead to a mortgage that is not right for you or fit for your circumstances. Intentionally misstating facts or providing false information in your mortgage application can result in serious financial, and potentially legal consequences.
Lenders and mortgage brokers/agents are expected to ask questions and seek additional information in the event of inconsistencies with the information you provide. Different mortgage providers, brokers and agents may require different documentation.
Source: https://www.fsrao.ca/consumers/mortgage-brokering/mortgage-application-process
Canada Loan Advisor 