Mortgage document checklist

A missing document rarely gets a mortgage declined. What slows files down is the wrong version of a document: a screenshot instead of a statement, a summary page with no account number, or an employment letter with no date. This list tells you the right version of each.

You don't need to sign up for anything to see it, and you can work through it in an evening.

Documents everyone needs

These apply no matter how you earn, what you're buying or which lender ends up with your file.

• Government-issued photo ID, not expired, such as a driver's licence or passport. Lenders have to verify your identity under FINTRAC rules, and the name has to match the name going on title.
• Your Social Insurance Number is not required by us, and we don't collect it. A lender may ask for it directly for a credit check. That request comes from the lender, through its own secure channel.
• Your address history, normally for 2 years. If you've moved in that time, include both addresses.
• A void cheque or a pre-authorized debit form for the account your payments will come from.
• The purchase agreement and the MLS® listing, once you have an accepted offer.
• Your lawyer's contact details: firm, lawyer, phone and email.

Proof of income by type of borrower

This is where files differ most. Sending the right version the first time can save you a week.

Salaried employee

• A recent pay stub, dated within 30 days, showing year-to-date earnings.
• A letter of employment on company letterhead, dated and signed, with your position, start date, salary and probation status. The date is required. An undated letter gets sent back every time.
• 2 years of T4s, or your 2 most recent Notices of Assessment, if the lender needs your income history.

Hourly, with variable hours

• The same pay stub and letter, plus 2 years of T4s. Variable income is averaged over 2 years, so both years count.
• If your hours went up recently, tell us. Some lenders will use a shorter average if you can back it up.

Commission, bonus or overtime

• 2 years of T1 General returns and the matching Notices of Assessment.
• A letter of employment that says whether the bonus or overtime is contractual or discretionary. That changes how much of it a lender can count.

Self-employed

• 2 years of T1 Generals, every page, including the business statement.
• 2 years of Notices of Assessment, which also show you don't owe CRA. An outstanding balance can stop a file entirely.
• For an incorporated business: 2 years of financial statements, plus your articles of incorporation or a business licence.
• 6 to 12 months of business bank statements if you're applying through a business-for-self program.

Rental income

• The signed lease agreement.
• The T776 rental schedule from your tax return, or 12 months of bank statements showing the rent coming in.
• The property tax bill and mortgage statement for that property.

Pension, disability or support income

• The award or determination letter.
• 3 months of bank statements showing the deposits.
• For support income, the separation agreement or court order, plus proof you're receiving the payments.

Proving your down payment

Lenders must trace your down payment back 90 days. It's a requirement of anti-money-laundering law, and it's the most common cause of delays on Canadian mortgage files.

• 90 days of statements for every account holding down payment money. They need to be full statements, with your name, the account number and the institution on every page. Screenshots, summary tiles from a banking app and transaction lists pasted into a document won't be accepted.
• An explanation and proof for every large deposit in that window: a pay stub for a bonus, a Notice of Assessment for a tax refund, a bill of sale for a vehicle, or both statements for a transfer between your own accounts.
• For a gift: a signed gift letter from an immediate family member saying the money is a gift and doesn't need to be repaid, plus proof the funds landed in your account. A loan presented as a gift is mortgage fraud, and lenders check.
• For RRSP Home Buyers' Plan funds: the statement showing the balance. The money must be in the account for 90 days before you withdraw it.
• For FHSA funds: the account statement.
• For proceeds from a sale: the sale agreement and the statement of adjustments.

Property documents

Your REALTOR® or the seller will supply some of these.

• The accepted purchase agreement, with every schedule and amendment.
• The MLS® listing, with the property details and the property tax amount.
• For a condo: the estoppel certificate, the condominium documents, the reserve fund study and the current condo fee. In Edmonton's older wood-frame condos, the reserve fund study is often what decides whether a lender will finance the unit.
• For a new build: the builder's purchase agreement, the specifications and the expected possession date. Builders' possession dates can move. Rate holds don't.
• For an acreage or rural property: the well report, the septic report and the land title showing the acreage. Most lenders will value about 10 acres plus the house and outbuildings.
• For a manufactured or modular home: proof of CSA A277 certification and proof of a permanent foundation. Without both, it's financed as a chattel loan, not a mortgage.

If you already own property

You need to document every property you own, including one you're selling.

• The current mortgage statement for each property, showing the balance, rate, payment and maturity date.
• The property tax bill for each.
• The condo fee statement, if there is one.
• Proof of home insurance in force.
• If you're selling: the sale agreement, and the statement of adjustments once it's ready.
• If a property is rented: the lease and the rental income documents listed above.

Common reasons documents get sent back

In order of how often we see them:

1. A screenshot instead of a statement. The document needs your name, the institution, the account number and the full period. A phone screenshot of a balance isn't a bank statement.
2. An undated or unsigned letter of employment. It has to be on letterhead, dated within 30 days and signed by someone other than you.
3. An unexplained deposit. Every lump sum in the 90-day window needs a source and a document to back it up. "It was savings" doesn't count as a source.
4. A partial tax return. Lenders want the full T1 General, including the business statement. The 2-page summary your tax software prints isn't enough.
5. A Notice of Assessment showing a balance owing. Most lenders won't go ahead while you owe CRA. If you do, deal with it before you apply.

With these gathered up front, a mortgage file that normally takes 2 weeks can take 4 days.