Today more than ever, much of the mortgage application and subsequent approval is about the paper that goes along with it! And more often than not, I’m finding that lenders want more than just the information that pertains to your job and the property. They are also looking for statements to confirm whether you have investments or assets, such as RRSPs, RESPs, etc. That is in addition to statements that you will need to provide to demonstrate that you have the funds for the down payment.
Lenders will typically request:
- a recent job letter;
- a recent paystub;
- bank statements showing you have the funds for the down payment;
- mortgage statements on any properties you own, and rental agreements on any investments properties that you have;
- and of course, the property documents.
By all means, DO NOT throw away your Notice of Assessments (NOAs) from Revenue Canada. This is your “receipt” from the government to say that they agree or have amended your report on income and taxes owed or paid. These are important documents and should be kept for 7 years, especially if you plan to borrow money during that period. Want to be even more efficient? Set up an account at CRA’s website so you can access this information online. Note: it takes 2 weeks to obtain a password from CRA, so getting this done in advance is always a good idea so that you can have this information ready when you need it.
Wondering how you can prepare for your mortgage application? Call me today to discuss how I can help you get the best mortgage for your situation!