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DOCUMENTS
REQUIRED
FOR A MORTGAGE APPROVAL
Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
DOCUMENTS REQUIRED
FOR A
MORTGAGE APPROVAL
What is required to get a mortgage approval is more extensive than it
was five ...
DRIVERS LICENSE OR
PASSPORT
This document is required to verify your identity and also
to ensure the correct spelling of y...
SOCIAL
INSURANCE
NUMBER
All income tax paying Canadians have this 9 digit number
also known as your SIN.
Providing it when...
SOCIAL
INSURANCE
NUMBER
If you are in Canada on a work permit or have landed immigrant
status, you would have a SIN number...
PURCHASE
CONTRACT
This document is usually only required by the lender when purchasing a property or
under a special progr...
LAND TITLE
If you are refinancing your property a current land title will likely be
requested during the mortgage applicat...
DOWNPAYMENT
CONFIRMATION
This documentation requirement varies depending on the source of your
downpayment funds.
For mone...
DOWNPAYMENT
CONFIRMATION
For gifted funds, expect to provide a gift letter from an immediate
family member as well as proo...
LAWYER CONTACT
INFORMATION
If your mortgage lender requires a lawyer to close your mortgage
transaction, you will need to ...
CREDIT
REPORT
Normally, the mortgage professional you’re working with will order your
credit report and submit it to the l...
INCOME
CONFIRMATION
The exact requirements depend on how you are
employed, however, you can expect to be asked for some
so...
INCOME
CONFIRMATION
For employed borrowers, you will be asked to provide a
job letter and recent paystub.
If you earn over...
INCOME
CONFIRMATION
For self-employed borrowers, the document
requirements vary depending on the lender you are
working wi...
INCOME
CONFIRMATION
Keep in mind the programs available for self-employed individuals
vary with the different lenders and ...
CONDO
DOCUMENTS
Condo documents include but are not limited to;
-  Condo Reserve Fund Study
-  Annual General Meeting Minu...
CONDO
DOCUMENTS
This applies only to condos. The lender or the lawyer will most often
require the recent reserve fund stud...
EXISTING PROPERTY
INFORMATION
If you are on the title of any other property or properties of any sort,
you will likely hav...
DOCUMENTS REQUIRED
FOR A
MORTGAGE APPROVAL
This list consists of the most commonly requested documents I see on
mortgage a...
Mortgage Questions? Let’s Chat!
Jackie Woodward
Mortgage Broker
TMG & Mortgagegirl.ca
Call 780-433-8412
Email info@mortgag...
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Mortgage Documents Required For A Mortgage Approval

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Wondering what kind of documents you will have to provide in order to get a mortgage approval? Read this and find out the most commonly requested documents.

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Mortgage Documents Required For A Mortgage Approval

  1. 1. DOCUMENTS REQUIRED FOR A MORTGAGE APPROVAL Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  2. 2. DOCUMENTS REQUIRED FOR A MORTGAGE APPROVAL What is required to get a mortgage approval is more extensive than it was five years ago. Not every mortgage is alike and neither are the document requirements. Here is a list of the most commonly requested documents you will be asked to provide; Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  3. 3. DRIVERS LICENSE OR PASSPORT This document is required to verify your identity and also to ensure the correct spelling of your full legal name. It is important the information on the driver’s license is current and accurate. Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  4. 4. SOCIAL INSURANCE NUMBER All income tax paying Canadians have this 9 digit number also known as your SIN. Providing it when a lender is ordering your credit report ensures the report generated is for you and not for someone with the same or similar name as you. Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  5. 5. SOCIAL INSURANCE NUMBER If you are in Canada on a work permit or have landed immigrant status, you would have a SIN number starting with a ‘9’ and it is important for the lender to immediately be informed of this. Given the lenders all seem to have different rules and guidelines under their New to Canada programs you want to know right away if you need to apply for a mortgage with a different lender. Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  6. 6. PURCHASE CONTRACT This document is usually only required by the lender when purchasing a property or under a special program when one person refinances a jointly owned home in order to buy the other party out in the case of a relationship breakdown. Ensure the offer to purchase documents are clear as your lender will require a legible copy for their file and often after faxing back and forth for changes and initials they are difficult to read. The lender will also require the MLS listing sheet for the subject property you are purchasing, however, if not available, you will be asked to provide property details. Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  7. 7. LAND TITLE If you are refinancing your property a current land title will likely be requested during the mortgage application process. Have your property legal description on hand as it is usually the lender or mortgage broker who will order the title search. This information can be found on a recent property tax assessment or bill. In the case of a property purchase, it is the lawyer who would be conducting the title search. Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  8. 8. DOWNPAYMENT CONFIRMATION This documentation requirement varies depending on the source of your downpayment funds. For money you have saved over a period of time, the most recent 90 day transaction history is usually required. Ensure you can also provide details and history of any large deposits into that account over the last 90 days. The lenders will not accept documents where anything is “blacked out” and you must also ensure you confirm ownership of the accounts by providing both the account numbers and names on the accounts. Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  9. 9. DOWNPAYMENT CONFIRMATION For gifted funds, expect to provide a gift letter from an immediate family member as well as proof the funds have been deposited to your bank account. If you’re borrowing your downpayment, be prepared to provide paperwork that confirms the available balance and minimum payment amount. Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  10. 10. LAWYER CONTACT INFORMATION If your mortgage lender requires a lawyer to close your mortgage transaction, you will need to provide the contact details of whom you want to work with. Contact information includes law firm, phone number, fax number, office address and email, if possible. Your realtor, lender or mortgage broker can refer you to a lawyer they know and have worked with if you don’t already have a real estate lawyer. Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  11. 11. CREDIT REPORT Normally, the mortgage professional you’re working with will order your credit report and submit it to the lender with your mortgage application. It is rare for a lender to accept a credit report provided by the borrower that they ordered themselves. If you have a limited credit history, your lender may allow you to provide an alternative credit source and some acceptable examples may be a letter from your landlord confirming no missed rent payments or confirmation of some other form of monthly payment that you’ve been making for 12 months or more. Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  12. 12. INCOME CONFIRMATION The exact requirements depend on how you are employed, however, you can expect to be asked for some sort of documentation to verify you can make your mortgage payments. Requested documents differ for borrowers that are employed versus self-employed. Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  13. 13. INCOME CONFIRMATION For employed borrowers, you will be asked to provide a job letter and recent paystub. If you earn overtime or bonuses, you will be asked for the above AND at least 2 years Notice of Assessments or T4’s. Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  14. 14. INCOME CONFIRMATION For self-employed borrowers, the document requirements vary depending on the lender you are working with as well as the program you are being approved under. I suggest speaking with a mortgage professional about what your specific financial situation and requirements. Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  15. 15. INCOME CONFIRMATION Keep in mind the programs available for self-employed individuals vary with the different lenders and if you are declined by one lender, you may very well be approved by another one who has different rules and guidelines for the self employed person. Be aware, a good majority of the programs for the self-employed request you have no personal income tax owing to Canada Revenue Agency. Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  16. 16. CONDO DOCUMENTS Condo documents include but are not limited to; -  Condo Reserve Fund Study -  Annual General Meeting Minutes -  Condo By-Laws Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  17. 17. CONDO DOCUMENTS This applies only to condos. The lender or the lawyer will most often require the recent reserve fund study as well as minutes of the most recent annual general meeting. These documents allow the lender to determine if the condo board is running the complex responsibly and effectively. If a property is being mismanaged, it can result in expensive special assessments or other costs being passed onto the borrower and owner of the unit. Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  18. 18. EXISTING PROPERTY INFORMATION If you are on the title of any other property or properties of any sort, you will likely have to provide documentation to confirm the monthly costs related to the property. As you own it, or even a part of it you are ultimately responsible for 100% of its costs. The lender needs to ensure you can qualify to support the new financing you’ve applied for as well as the costs of any existing responsibilities you may have. Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  19. 19. DOCUMENTS REQUIRED FOR A MORTGAGE APPROVAL This list consists of the most commonly requested documents I see on mortgage approvals these days. Of course, there are exceptions to the norm. I can’t emphasize enough how much benefit you can get from working with an experienced mortgage professional of your choice. Not only can they guide you through the mortgage process, they can also work with you and the lender to come up with reasonable and attainable mortgage approval document requirements. Jackie Woodward// Mortgage Broker// TMG // 780.433.8412 // info@mortgagegirl.ca
  20. 20. Mortgage Questions? Let’s Chat! Jackie Woodward Mortgage Broker TMG & Mortgagegirl.ca Call 780-433-8412 Email info@mortgagegirl.ca Follow @ mortgagegirlca

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