Documents Needed for a Mortgage

Below you will find a list of documents and information required to get a mortgage.

Mortgage documents: Basic information

• Name, Address, telephone number, email (including co-borrower)
• Social Insurance Number (SIN)
• Employer, job title and time you’ve worked with the company
• Income
• Previous Employer (if current employment less than 3 years)
• Age and date of birth
• Number of dependants (children, parents, disabled)
• Name and address of the bank or financial institution you deal with
• Copy of photo identification such as driver’s license, passport or other government-issued ID.
• Credit score. When you fill out the home mortgage application, you give lenders permission to
  check your credit score. Lenders cover this cost.

Assets and Liabilities documents

• Proof of real estate, vehicle, investments or other assets you own
• Documentation of loans such as credit cards, vehicle loans, mortgages, student loans and other debts you must repay

Income Verification Documents

• Most recent pay stub or pay slip showing amount you earned this year
• Proof-of-employment letter
  • Must be official from your company
  • Must state length of employment, date of hire and position
  • If you’re paid hourly, the letter must state hourly rate and hours you work per week
  • If you get paid a salary, the letter must state the amount you get per year
• T1 General Income Tax Form (most recent copy)
• Notice of Assessment from most recent tax return to show if there are any taxes owed.
  This is the form that the Canada Revenue Agency sends to all taxpayers after processing their returns
  that indicates the amount of taxes to be paid or refunded. If the Canada Revenue Agency has made any
  corrections to your income tax form or GST/HST rebate application, the Notice of Assessment will explain
  any changes have been made.
• Financial statements from your bank or financial institution

Real Estate Property Documentation

• Specify type of mortgage (home mortgage, refinance, home equity, pre-approval, etc.)
• Mortgage amount
• Mortgage term (5 years, 10 years, 15 years, etc.)
• Interest Rates and Amortization
  • Amortization is the distribution of a loan repayment into multiple installments, as determined by an amortization schedule. Each installment onsists of both principal and interest. Amortization is commonly used in mortgage loan repayments because it is one of the simplest ways to repay. A greater amount of the payment is applied to interest at the beginning of the schedule, while more money is applied to principal at the end.
• Property address and type (condominium, house, townhouse, etc.)
• Details of existing mortgages on the property you want to purchase (must be obtained for the seller)