Required documents

The documents required by a lender or mortgage broker may vary. They should give you a precise list of what they will need, but generally, most ask for the following:

BASIC DOCUMENTS

  • Customer authorization
  • Pay stub (if employed)
  • 2 photo ID documents

DOCUMENTS TO BE PROVIDED ONCE THE PURCHASE PROMISE IS ACCEPTED

  • Complete purchase promise
  • SIA / MLS card
  • School and municipal tax accounts
  • Seller’s declaration
  • Proof of your investments, RRSPs and cash (if less than 20% cash: a complete 3-month statement; if more than 20% cash: a 30-day statement)
  • Your credit report (see the proposed box)

EMPLOYEE

  • A letter from your employer confirming your title, hiring date and salary
  • A recent pay stub

REGISTERED SELF-EMPLOYED WORKER

  • Provincial and Federal Notice of Assessment
  • Proof that taxes are paid in full and up-to-date (copy of the deposited payment check or proof that taxes are at zero at both government agencies)
  • T1 General (first 4 pages) including the company’s income statement section (last 2 years)
  • Incorporated self-employed worker
  • The same documents as the registered self-employed worker, plus:
  • The company’s financial balance sheet (last 2 years)
  • Constituency statute

‘I DECLARE’ PROGRAM

  • The same documents as the registered self-employed worker, plus:
  • A completed and duly signed ‘I declare’ form

IF YOU OWN OTHER BUILDINGS

  • Mortgage statements for each of your properties, to demonstrate the balance and payment of each mortgage
  • School and municipal tax accounts for each property
  • If you own rental properties: up-to-date leases and renewals or T1 General, including the Statement of Income and Expenditures of Rental Properties

YOUR CREDIT RATING

Your credit rating is one of the key factors that mortgage advisors take into consideration to determine your eligibility for a mortgage loan

TO FIND OUT YOUR CREDIT RATING

Please contact Equifax Canada (www.equifax.ca) or TransUnion Canada (www.transunion.ca)

IF YOU DO NOT HAVE A CREDIT RATING

It’s important to gain credit experience as early as possible. A good way to start is by the responsible use of a credit card. Inquire with your banking institution.

TO IMPROVE YOUR CREDIT RATING

  • Pay your bills on time and in full. If you cannot pay the full amount, make the minimum required payment.
  • Pay all your debts as soon as possible (loans, credit cards, lines of credit, etc.)
  • Never exceed your credit card limits and keep their balance well below their limit.
  • Reduce the number of credit cards or loan applications.
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