Checklist Of Documents Needed For A Mortgage

Author: RS Mortgage Solutions | | Categories: First Time Home Buyer Mortgage , Investment Property Mortgage , Mortgage Agent , Mortgage Refinancing , Mortgage Renewal , Private Mortgage , Purchase Mortgage , Renovation Mortgage , Reverse Mortgage , Self-Employed Mortgage


At RS Mortgage Solutions, we understand that process of applying for a mortgage can be quite a challenge. Preparing your application and submitting relevant documents can be viewed as a stressful or difficult task, but with a little preparation, you can complete your mortgage process quickly and easily.

As mortgage brokers serving the Durham Region and GTA area, we've created a handy checklist to help you complete your taxes with as little stress as possible. Follow our checklist to ensure that you have all the documents needed for a mortgage so that you can get back to the other important things in life. 

1. Government-issued photo identification

For example, birth certificate issued in Canada, Citizenship and Immigration Canada, Social Insurance Number card, Certificate of Canadian Citizenship with no photo, Certification of Naturalization, driver's license, or Old Age Security Card.

2. A secondary piece of identification 

For example, Employee identity card (restrictions applied), Bank or automated banking machine or client card, Credit card, Canadian National Institute for the Blind client card, Canadian university or college student card with photo, Canadian Social Insurance Number letter, Diplomatic ID issued by Foreign Affairs.

3. Employment letters from all applicants

4. Last two most recent pay stubs showing year to date pay for all applicants

5. T4's for the previous two years from all applicants

6. Notice of Assessment for the previous two years from all applicants

7. Current Mortgage Statement to determine the balance (if you own property)

8. Current Property Tax Statement to determine the balance (if you own property)

9. If you are on a pension income you should have the following documents ready:

a. T4A's for the last two years

b. 6 Month Bank Statements

c. T1 Generals for the last two years (all pages)

d. Notices of Assessments for the last two years

e. Year-end statements of all income sources – Pension, CPP, OAS, etc.

10. If you are self-employed, the following documents should be ready:

a. Business Licence

b. 6 months business bank statements

c. T1 Generals for the last two years

d. Notices of assessments for the last two years

e. Confirmation of GST registration

f. Articles of incorporation (if applicable)

g. Company financials for the last two years (if Applicable)

h. contracts for upcoming year or invoices selected by your agent

i. proof that you own the business

j. proof your GST/HST is paid in full

11. Mortgage Application filled in full

Do not leave any spaces blank if you can provide a response.

12. Income Verification

For example, your last two most recent paystubs, current job letter, Notice of Assessment, T4, or any other documents if it is considered as income.

13. List of all your assets and all of your liabilities

14. Three months' worth of bank statements to verify your income, savings, and source of your down payment

15.  Credit Report

Typically these are obtained by your mortgage agent before submitting an application.

16. Other Documents such as proof of child support, spousal support, separation agreement, valid rent agreement may be required to assist with obtaining a mortgage

17. Other documents such as a Gift Letter or Bankruptcy/Discharge papers for any bankruptcies in credit history

18. Appraisal 

This may or may not be required. It could either be paid by the lender or by the purchaser.

If you have any concerns about applying for a mortgage or you're looking for a mortgage agent to help simplify the process, reach out to the experts at RS Mortgage Solutions. With more than fifteen years of experience in real estate, investing, and mortgage investment, our owner - Robert excels at creating mortgage solutions for any situation. His insight and expertise allow us to deliver value to our mortgage clients by navigating the ins and outs of the mortgage process for them. We offer a full range of mortgage services to clients across Pickering, Ajax, Whitby, Oshawa, Clarington, Port Perry, Cannington, Beaverton, Brock, Uxbridge, Scarborough, Etobicoke, North York, Toronto, Markham, Vaughan, Richmond Hill, Newmarket, Brampton, Oakville, Milton, Mississauga, and other areas across the Greater Toronto Area.

To learn more about our services, please click here. Have a question? We'd love to hear from you. Contact us here

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