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Mortgage Application Checklist

Mortgage Application Checklist

Do you have the required paperwork in place for when you apply for a mortgage? You and your partner or spouse will need to provide certain information to the lender in order to obtain funding for your new property.

Check out our handy mortgage checklist to ensure you have all the paperwork in order so you can become a homeowner.

Who you are:

  • Full name
  • Date of birth
  • Marital status
  • Number of dependents – children or other people who rely on your for income
  • Current address
  • Current phone number – this can be a mobile number as long as it’s your primary number
  • Social Insurance Number (SIN)

Your work history:

  • Employment confirmation – your employer will give you a letter that says you are indeed an employee of the company
  • 1-2 months worth of pay stubs to confirm your income
  • If you have started a new job in the last two months, you will need to confirm your previous employment as well as explain any gaps in employment (maternity leave, contract work, or other factors)
  • If you are self-employed you will need to show proof of income in the form of two years of Notice of Assessments and three years of income tax returns

Financial credentials:

  • Mortgage pre-approval – they are not always necessary, but in the case that you do not have one, talk to your broker
  • Down payment confirmation – if your down payment is a gift, you will need a letter from your benefactor that states that the funds do not need to be repaid
  • Three months worth of bank statements
  • Current value of any stocks, bonds, mutual funds, and other investments you have
  • Current value of RRSPs
  • Bank account number and transit number in order to have your mortgage payments withdrawn
  • A list of any assets – vehicles, other owned real estate, and similar factors
  • A list of any liabilities – create an itemized list of credit cards, bills, and other debts and loans you have
  • If you’ve had credit issues in the last seven years, you will need to provide a written explanation as to why these issues occurred
  • If you’ve declared bankruptcy in the last seven years you will need to offer a written account as to why it was declared

The property itself:

  • Address of the property
  • Amount of condo fees, if applicable
  • Well and septic permits – only for rural properties
  • Complete description of the property – this is generally found on the real estate listing (you can even give a copy of the listing)
  • Copy of MLS listing – if the property was purchased through a realtor
  • Copy of the agreement of purchase and sale – must be signed
  • Plans and specifications – only if property is a new construction
  • Contact information for your lawyer

Having this information ready in advance will ensure that your mortgage approval process will be as simple as possible.

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Your home is your most valuable asset. It is probably the single largest investment you will make in your lifetime. Your home is more than a place to rest your head and raise a family. Your home contains equity. It is a treasured resource and in some cases, can even be used as an ATM (aka cash back mortgages and HELOCs – don’t worry we’ll get there).

We All Need a Mortgage

Everyone who is looking to purchase a home will need a mortgage. But, what is a mortgage exactly and why do you need it? Besides being the term to describe a loan secured by real estate, a mortgage allows you to access funding to procure your dream home.

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