Whether you’re becoming a homeowner for the first time or purchasing another property, this is an exciting time. But it also requires some work on your end in order to ensure the mortgage process runs as smoothly as possible.
While it may appear as though you have to provide a seemingly endless trail of documents to your mortgage agent, preparing ahead of time can really help speed up the mortgage approval process.
The extensive paperwork required throughout the mortgage approval process is designed to ensure responsible borrowing practices. After all, it’s important for lenders to determine risk and ensure you’ll pay your mortgage on time every time.
Financing your property is subject to verification of all the information you’ve provided on your mortgage application (eg, income information, employment history and credit details). Any errors or missing information will be detected during this process and can delay your approval or even lead to an outright denial of your application. Your lender must, therefore, be diligent when verifying all aspects of your mortgage application to protect themselves from liabilities, and ensure successful and stable homeownership.
It’s your mortgage agent’s job to help you navigate the homebuying process, including ensuring you’re fully prepared to produce the required documentation, while also answering any questions you have along the way.
It’s important to understand that information required when submitting a mortgage application can vary from lender to lender. The checklist below provides a standard list of requested documents, but your mortgage agent will have more detailed instructions for you pertaining to your specific lender.
Required Mortgage Documents Include:
- Proof of Employment
- Income Verification
- Confirmation of Down Payment
- Proof of Assets (investment, vehicle, cottage, boat, etc)
- List of Debts/Liabilities (loan, credit card, credit line, etc)
- Credit Report
- Notices of Assessment from Canada Revenue Agency (CRA)
- Purchase and Sale Agreement
- Real Estate Listing
- Mortgage Insurance Information
- Appraisal Report
- Property Insurance
- Legal Representation
- Survey of Property
Have questions about required mortgage documents or your mortgage in general? Answers are a call or email away!
