General Application Checklist

The mortgage approval process is not quick and easy.  You will be required to submit detailed information about your personal financial history and these records will be scrutinized by lenders.  Oftentimes, people have trouble locating the necessary documentation in the first place and that delays the overall process.  If you're looking to purchase a home, it's a good idea to start gathering the necessary personal financial documentation as soon as possible.  Then, when you meet with your mortgage broker or bank representative, you have the information ready to go.

In order to assist with your documentation gathering, here is a general list of what you'll need:

• Most recent two years' Notice of Assessments (NOAs)
• Consecutive pay stubs covering the most recent full month
• Name, address and phone numbers of all employers during the past 24 months, with time periods identified accordingly
• Three months most recent monthly statements for all depository accounts including chequings, savings and short term investments
• Most recent quarterly statements for brokerage accounts and long term investments like RRSPs, pension plans, portfolios, etc
• Name, address and phone number of current/previous landlords for past 24 month period (if applicable)
• List of all current credit obligations (i.e. mortgages, credit cards, car loans, student loans, personal loans, home equity loans, lines of credit, etc) and list the full name, address, account number, monthly payment and outstanding balance for each debt
• Copy of current home owners insurance policy and name and phone number of your Insurance Agent (if applicable)

Special cases:

• Self-employed applicants - provide a copy of the last two year's financial statements and income tax returns
• Rental income - provide a copy of leases/rental agreements for all properties
• Construction loans - provide a copy of construction contracts, blueprints and detailed builder specifications
• Divorce - provide a copy of certificate of divorce and separation agreement, plus any settlement or other documentation showing your right (or obligation) to receive (or pay) alimony or child support
• Bankruptcy - provide all paperwork related to your bankruptcy filing, including discharge documentation
• Gifts - provide a signed letter from each donor furnishing funds for the transaction stating the funds are a gift with no repayment required and the gift amount
• Employment gaps - provide a signed letter explaining any employment gaps during the last 24 month period

While you may not need to provide all of the documentation outlined here, the more you have the better.  Worst case you won't need it, and best case you have it ready as soon as it's needed in the process.  We hope this information helps you!

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