Required Mortgage Documents

In order to process your mortgage application, the lending institution will require documentation to support your mortgage application. These documents are provided to the lender to confirm your financial ability to afford the mortgage.

Required documents can differ greatly from lender to lender. The following list provides a simple template of what’s needed but may need to be expanded depending on your situation.

​Proof of Income

​In order to prove the income that you say you have, you will be required to provide the following documents for proof of income.

If you are an Employee:​

  • ​Employment confirmation letter
    • If you are on salary, you'll need to confirm your salary amount and length of employment
    • If you are paid hourly, you’ll need to confirm your pay per hour, number of hours worked per week, and length of employment
  • 2 most current pay stubs
  • Previous 2 years Revenue Canada Notice of Assessment

If you are Commissioned or Self-employed:

  • ​Three years of financial statements
  • Three years of Notices of Assessment

*A Notice of Assessment is the summary form Revenue Canada sends after your income tax has been filed. It specifies what you claimed on your taxes last year. If you do not have a copy of your Notice of Assessment, you can call Revenue Canada at 800-959-8281 or visitthem on line from the link in our resources section to obtain a copy.

Down Payment Verification

If you’re buying a home with less than 20% down, the insurer does not allow a down payment to be borrowed. The lender will want to verify the source of your down payment.

You will be required to provide the following documents:

  • ​If your down payment is from savings in your bank account, you’ll need to provide three months of bank statements. The statements must show your account number and name and be the three most recent statements.
  • If your down payment is from investments (RRSP, GIC, stocks, bonds), you’ll need to provide a copy of a recent account statement. If you have not owned a home in the previous 4 years, you are eligible to use your RRSP tax FREE under the Home Buyer’s Plan. You don’t want to miss out on this opportunity.
  • If your down payment is a gift, a “gift letter” is required together with proof that the funds have been deposited into your bank account. Again please make sure that your bank statement has your name and account number on it.

Additional Documentation

You will be required to provide the following additional documentation:

  • ​Offer to Purchase and MLS listing for the new property
  • Offer to Purchase and all condition removals for the existing residence if you are selling one
  • Void cheque for the account from where your mortgage payment will be withdrawn
  • Name and number of the lawyer you will use to close the transaction and transfer funds to the seller

What you should do now

If you would like us to negotiate the lowest rate for your mortgage, apply for a quick approval.

If you are serious about learning everything involved when buying a home, visit our "Homebuyer Zone " page where you can read and download valuable checklists and resources.

If you have questions, contact us for more information.