MORTGAGE Blog & ARTICLES
What Documents Are Part of The Mortgage Process?
Mortgage paperwork is mostly about providing documents that show how much you earn, where you’ve lived, monthly debts and account balances. You can provide much of this information in person or on your application; however, there are several additional documents you may need to provide depending on where you are in the mortgage approval process.
Mortgage Prequalification Checklist
Getting prequalified is convenient. Here’s what we’ll need from you:
- Your name (and any other buyers’ names)
- Current address
- Estimated annual household income
- Estimated monthly household debt expenses
Mortgage prequalification is an assessment of whether your debt-to-income ratio fits mortgage guidelines and provides an estimate of the amount you may be able to borrow. Prequalification is optional, but it’s a helpful step in the process of buying a house.
Mortgage Pre-Approval Checklist
Whether you’ve completed the prequalification process with Resourceful Capital Financial Corporation or not you can apply for pre-approval at any time. The first step is to complete a full mortgage loan application, including the following information.
This is a partial list; your mortgage broker can tell you about any additional requirements.
- Your residential address for the past two years
- Landlord names and addresses for the last two years, if you rented during that time
Employment & Income History
For salaried (employed) applicants:
- 2 recent paystubs from the last 30 days showing your year-to-date earnings
- Employment Letter
- T4 or Notice of Assessment (from CRA) for the past two years
For self employed applicants
- T1 Generals and Notice of Assessment (from CRA) for past two years
- Bank account statements from the 3 most recent months for all checking and savings accounts
- Other asset statements from the past 3 months for any RRSPs, GICs, stocks, bonds or other securities you intend to use for your down payment
- Current real estate holdings, including property address, current market value, mortgage lender’s name, balance and monthly payment
- A list of any new monthly debts not listed on your credit report (auto loans, student loans, mortgage loans, credit cards, etc.), including creditor name, address, account number, minimum monthly payment amount and outstanding balance on each account
Additional documents may be required at your mortgage closing. Your mortgage broker will let you know which documents will be needed when you close on your home and they’ll work closely with you at each step of the mortgage process.
- Bank of Canada
- Commercial Mortgages
- Company Updates
- Financial Planning
- First Time Home Buyers
- Home Ownership
- Housing Market
- Market Watch
- Mortgage Education
- Mortgage Products
- Mortgage Rates
- New Mortgage Broker Updates
- Notable News
- Personal Finance
- Property Investments
- Real Estate
- Refinance & Renewal Mortgages