Common Items Needed for Mortgage Pre-Approval

Income

• Proof of income letter, which is on an official company letterhead, stating how long you have been employed by your company, your guaranteed hours with hourly pay rate or a statement of guaranteed annual pay based on your salary. This should have info for a contact person the lender can call to confirm income on the letter
• Most recent pay stub clearly showing your name

For Self-Employed:
• Past 2 years Notice of Assessments
• Past T4s
• Financial statements
• Professionally prepared tax return

Down Payment

• Down payment and closing costs (approx. 1.5% of purchase price) need to be in your account. You will need proof that these funds have been in your account for a period of three months. Please have these documents clearly state the account number and the names on the account.
• And/Or a gift letter from a family member, this does not include your spouse.
• And/Or if from the sale of your current home, you need a purchase agreement from the sale of
that property.
• And/Or for home buyers that plan on using RRSP money, your lender will need statements
showing the RRSP account numbers and the name of the owner clearly stated. Followed by an
account statement showing the RRSP money transferred to your bank account.

General Documents

• Your lawyer info: You are to provide the firm’s name, the solicitors/notary’s name, address, phone, email, and fax numbers (We have many good options for you if needed) .
• Void cheque from the account you wish the mortgage payment payment to be taken.

If Applicable:
• statement showing balance owing on any other mortgages and the monthly payments
• statements showing debts owing (loans, credits, etc.)
• documents for any lease agreements
• divorce/separation agreements