Don’t Forget These Documents

Navigating Crucial Mortgage Documents

To facilitate the mortgage application process, please provide the following documentation:

1. Income Verification

If your income is salary or full-time hourly, we require:

  • A recent pay stub displaying the pay date, amount, your name, and the employer's name.
  • A job letter on company letterhead, specifying your start date, position, guaranteed salary or hourly rate, hours, and a human resources contact with a phone number.

For additional income sources such as bonus, commissions, overtime, contracts, gratuities, or investments, provide the most recent two years’ Notice of Assessments (NOAs) from the Canada Revenue Agency (CRA) along with copies of T4s.

If you are self-employed, please provide:

  • The most recent two years' NOAs along with the full T1 Generals (income tax returns) including all schedules.
  • Your business license, articles of incorporation, or GST registration number.
  • If we are using a bank statement program, we would require 6-12 months of digital bank statements confirming income deposits and using the gross revenue towards your application.

For rental income, provide a copy of each lease, along with either:

  • A Canada Revenue Agency T776 Statement of Real Estate Rentals, two years' T1 Generals (personal tax returns), and two years' NOAs.
  • Lease agreement + 90 days of rental deposits (if applicable)

If you receive Alimony/Child Support, we require the separation agreement/court order and recent bank statements confirming support receipts.

For those on maternity/paternity leave, ensure your job letter indicates the return date and salary/income upon return.

2. MLS Listing and Offer to Purchase

(if applicable)

Realtors typically send this information. Please instruct them to forward your accepted offer once fully signed.

3. Current Mortgage Statement

For each property you currently own, provide a recent mortgage statement showing your name and property address.

4. Recent Property Tax Bill

(for currently owned properties not being sold)

The lender requires this to confirm annual property taxes and ensure they are paid up to date.

5. Down Payment Source

 Purchasing a property? Lenders will want to see a 90 day history of where the down payment has originated from. Any large deposits may need to be sourced.

6. Lease Agreements & Rental Deposit History

If you have properties that you are collecting rent from – lenders will ask for 3 months history of the rental deposits and lease agreement(s).

7. Current Home Insurance Policy/Fire Insurance

(for renewal applications)

Submit your current home insurance policy, especially for renewal applications.

By providing these documents promptly, you help streamline the mortgage application process. If you have any questions or need further clarification, feel free to reach out to us.lender requires this to confirm annual property taxes and ensure they are paid up to date.

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1330 Mid-Way Boulevard, Unit #1
Mississauga, ON L5T 2K3 Canada

(647) 525-4005

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Mortgage Alliance - LIC # 10530