Pulling together the right documents can help your mortgage approval go quickly and smoothly.
Whether you are buying a new home or refinancing your existing mortgage, by taking a few moments to ensure you have the documents listed below when you meet with your mortgage specialist, you'll help the bank finalize the mortgage approval you are requesting.
Your mortgage specialist will ultimately ask for a list of documents based on your specific situation, but here is a basic checklist that will help you get prepared.
Buying a home? You will need information that describes the property you are buying.
- Purchase and sale agreement
- Property listing details from your real estate agent
- Savings or investment statements for the last 90 days.
- Down payment coming from the sale of an existing property? A copy of the sale agreement is required.
- Gift letter (if your down payment is a gift from someon)
- Withdrawal confirmation from your RRSP if the down payment is under the Home Buyers Plan.
- Copy of your latest pay slip and letter of employment
- T4 and Notice of Assessment
- Business financial statements if self employed.
- T1 General
- Legal agreements to support other income such as spousal or child support payments.
- Other compensation (disability, pension, rental income, etc.)
- Recent mortgage statement
- Most recent property tax bill or statement
- Documents verifying heating costs and condo fees
- Legal description of your property (you can find this on your property tax statement or original purchase agreement)
Provided by Kevin Lutz, RBC Regional Sales Manager, Residential Mortgages