Are you applying for a mortgage and are unsure of the documentation requirements? Find out what documents are necessary to apply for a mortgage -Mortgage Tree.
Applying for a mortgage can be a daunting task. There are so many things to consider and so many documents to gather. But don’t worry, Mortgage Tree is here to help.
In this blog post, we’ll outline the standard documentation you’ll need to provide to your lender in order to verify the information in your application. It’s important to be as accurate as possible when completing your mortgage application to avoid discrepancies between the information you have provided versus documented verification. So, let’s get started!
Proof of Income Documentation
One of the most important pieces of documentation you’ll need to provide is proof of income. Your lender will need to see an employment confirmation letter. Your most recent pay stubs, within the last 60 days. If you are using a bonus or overtime income, 2 years of T1 generals and notice of assessments will also be required.
If you’re self-employed, you’ll need to provide additional documentation such as, 2 years of business financial statements, 2 years of notice of assessments, and 2 years of T1 generals. Refer to our website for more on this information –
https://mortgagetree.ca/mortgage-tools/mortgage-checklists/.
It’s important that you be as accurate as possible when providing this information, as any discrepancies could result in delays or even denial of your mortgage application.
Down Payment Verification
In addition to income documentation, you’ll also need to provide documentation about your down payment. Your lender will want to see 3 months bank statements, recent quarterly statement, gift letter (if the down payment has been gifted to you), and a purchase and sale agreement, (if your down payment is from the sale of an existing property).
This is to verify that you have the financial resources necessary to make a down payment on a home. Again, it’s important that the information you provide is accurate.
Additional Required Documentation
In addition to income and down payment documentation, you’ll also need to provide additional documentation. Listed below.
- Purchase and sale agreement as well as the MLS listing for the new property.
- Copies of any waivers and amendments.
- Copy of deposit cheque.
- Void cheque from the account that the mortgage payment will be withdrawn from.
- The name of the lawyer that will be handling the transaction.
To Wrap Things Up
As you can see, there is a lot of documentation required in order to apply for a mortgage. It’s important that you be as accurate as possible when completing your application and gathering all the necessary documentation.
Any discrepancies between the information you have provided, and the documented verification could result in delays or even denial of your mortgage application as mentioned above.
But don’t worry, Mortgage Tree is here to help! If you have any questions about the mortgage process or what documents you’ll need, please don’t hesitate to contact us. We are always happy to help! (403) 479-1134
Thank you for taking the time to visit our website and read our blog.
We hope we have been able to answer a few questions.
Please contact us anytime!
Sincerely,
The Mortgage Tree Team – “Your Key to Home Ownership”
https://mortgagetree.ca/contact-mortgage-tree/mortgage-team/ inbound link