Mortgage Documents Required For A Mortgage Approval

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 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;

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

CONDO
DOCUMENTS
Condo documents include but are not limited to;
-  Condo Reserve Fund Study
-  Annual General Meeting Minutes
-  Condo By-Laws

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.

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.

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.

Mortgage Questions? Let’s Chat!
Jackie Woodward
Mortgage Broker
TMG & Mortgagegirl.ca
Call 780-433-8412
Email info@mortgagegirl.ca
Follow @ mortgagegirlca

Mortgage Documents Required For A Mortgage Approval

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