We’ve been meaning to put this one out there for ages since we get asked this about a bazillion times per day! We like to send our clients to our one and only money man, Lee Welbanks with Welbanks Financial fully prepared and not waste anyone’s time so when we asked him to prepare this for us he was quick to the draw.

These are the documents required for a mortgage approval:

Salaried Employee?

  • Employment letter (job letter)
  • Pay Stub (maybe get the past couple months worth)

Park Time/Hourly Employee?

  • Employment Letter (if you’re guaranteed a certain number of hours then this letter must include that)
  • 2 Pay Stubs
  • Last two income tax assessments (NoA’s or notice of assessments)

Self Employed?

  • Copy of business registration or articles of incorporation (depending on how your biz is set up)
  • Last two income tax assessments (NoA)
  • Last two years of T1 generals with statement of business income

Retired or Pensioner?

  • Last income tax assessment (assuming it’s not from WW2 era)
  • T4 slips for all pensions received
  • Copy of RRIF statement if RRIF income is included (Registered Retired Income Fund)
  • Pension statement

Bonus, Overtime, or Commission Income (These are required in addition to the above category you fall in)

  • Last two income tax statements
  • Final pay stub for the year
  • Previous year’s income tax assessment

Other documents may be required if available:

  • Latest mortgage statements
  • Current Lease Agreements
  • Void cheque for future mortgage payments

Refinancing? Here’s what you need for that.

If you’re looking to refinance the home or take some additional equity out of the current home, here are some additional items we will need:

  • Homeowner’s insurance policy
  • Property tax bill
  • Mortgage statement

After all of this don’t forget the basic requirement for government issued ID and the health card isn’t one of them! Only a driver’s license, passport, and citizenship cards are accepted.

We’d love to help you buy your next home so make sure you get all of this in order first. The market is moving way too fast for you to be scrambling around. We will not be taking you out looking until you get these things ready, it’s simply not a good use of anyone’s time until you are fully loaded and ready. Cool?

If you have questions, comments, or concerns about the documents required for a mortgage approval reach out to Lee Welbanks, comment below, or use our live chat at the bottom of your screen. Hope to hear from you!