Must Haves When Applying For A Mortgage

Purchasing a home is an exciting process, but gathering all the required mortgage documents can be a daunting task, particularly for first time home buyers. Here is a quick list of required documents that will help to ensure that you have all the documentation required for the mortgage approval process.
1. Identification & Personal Information: You’ll likely be asked to provide a valid photo ID, such as a driver’s license or passport. SIN Number, your current mailing address and your date of birth.
2. Tax Forms: Your T4’s or Notice of Assessment from the past 2 years.
3. Employment and Income Verification: You will need an employment letter for proof of employment. You will also need current pay stubs, bank statements to confirm pay deposited electronically, any additional income sources (if applicable).
4. Basic Finances: A list of all your assets and liabilities. Bank account and transit # for automatic withdrawal of your monthly mortgage payment. Your pre-approved certificate (if applicable)
5. Property Information: If you have already purchased a property you will need to provide the following documentation: A copy of the MLS Property listing, a copy of the Accepted Agreement of Purchase and Sale, Property tax estimates, condo fees and heating costs (usually available on the real estate listing). For rural properties, well and septic certificates, and your Lawyer’s name, address, postal code, and contact information.
These are just a few of the documents required for mortgage approval, additional documents and/or information may be requested when you apply for a mortgage. We hope this guide helps you prepare for your next purchase! #TheRealEstateProfessionals

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