Most people internally groan when they hear the word ‘paperwork’ as it is often the most tedious part of any process. But as unpopular as paperwork is, it is necessary for many things such as applying for a mortgage. As a Brampton mortgage broker, one of my duties is to help you through all of this paperwork to make sure your mortgage approval process goes smoothly. That’s why below I have compiled a list of documents that you should gather before you apply for a mortgage.
- Personal Information
This information is always required in order to start the mortgage application. Personal information covers: your age, marital status, number and age of children, etc. If you are divorced or currently going through a divorce, also be sure to have a copy of your divorce or separation agreement.
Second, information on your current employment situation and income is needed. This includes your proof of income (such as a T4 statement, a paystub, a job letter, or a T1 form and notice of assessments from the previous two years. If you are self employed, there are additional documents you will need to provide such as your incorporation documents, financial statements, full personal tax returns, and a CRA notice of assessment. If you cannot find these documents, I can assist you with getting these form CRA directly.
- Other Sources of Income
Next, you will have to provide a statement of any other sources of income you may have. Sometimes your lender will also ask for proof in the form of documentation. This may be things such as pension documentation, rental income property documents, part time or contract work paystubs, child tax benefit documents, child or spousal support forms, investment income information, or disability income documentation.
- Current Property Documents
If you currently own a property, you will need to provide a copy of your current mortgage statement, as well as a copy of last years property tax statement.
By having these documents ready, you are well on your way to starting the mortgage approval process, and you are helping both yourself and your mortgage broker. Keep in mind that this list may not be comprehensive, and the documents required differs for each individual situation. If you have everything listed above ready to go, contact me so that we can start your mortgage application today.