Essential Documents You Need for a Mortgage in Canada

In This Article

Mortgage in Canada

Securing a mortgage can be a complex process. To help you navigate through it smoothly, we’ve compiled a comprehensive list of the essential documents you’ll need. This guide will ensure that you’re well-prepared when applying for a mortgage in Edmonton or anywhere in Canada. 

Proof of Identity 

Mortgage in Canada 01

To begin the mortgage application process, you must provide proof of identity. This typically includes government-issued photo identification, such as a passport or driver’s license, along with your Social Insurance Number (SIN) card for tax and credit verification. 

Proof of Income 

Lenders need to verify your income to ensure you can afford the mortgage payments. Essential documents include an employment letter from your employer stating your position, length of employment, and salary, as well as recent pay stubs from the last two to three months. Additionally, your most recent Notices of Assessment (NOAs) from the Canada Revenue Agency (CRA) are required to verify your annual income. 

Proof of Assets 

Proof of assets is crucial as it demonstrates your financial stability. You’ll need to provide recent statements from all your bank accounts and details of any investments, such as stocks, bonds, or mutual funds. If you own other properties, relevant documents to prove ownership and equity are necessary. 

Proof of Liabilities 

Lenders need a clear picture of your existing debts to assess your ability to manage additional debt. This includes recent statements from all your credit cards, loan statements for any other loans, such as car loans, student loans, or personal loans, and mortgage statements if you already have a mortgage. 

Down Payment Confirmation 

Proving your down payment source is essential. You’ll need savings statements to show proof of savings for the down payment. If part of the down payment is a gift, a letter from the donor stating that the money is a gift and not a loan is required. Documentation is also necessary if the down payment is from the sale of an asset, such as another property or vehicle. 

Credit History 

Your credit history is a critical factor in mortgage approval. Be prepared to provide a detailed credit report, which your lender can obtain with your permission. If there are any blemishes on your credit report, a written explanation will be needed. 

Property Information 

Proof of Identity

When you have a property in mind, additional documents are needed. This includes the agreement of purchase and sale, the Multiple Listing Service (MLS) listing of the property, and an appraisal report to verify the property’s market value. 

Conclusion 

At Mortgage Route, we are committed to helping you secure the best mortgage terms possible. By preparing these documents in advance, you’ll streamline your mortgage application process and enhance your chances of approval.

Whether you’re purchasing your first home or refinancing an existing mortgage in Edmonton, our experienced team is here to guide you every step of the way. For personalized advice and assistance in mortgage matters, feel free to contact us at karanpreet.s@dominionlending.ca or 780-802-4845.   

Thank you for submitting your request for a free quote. We will be in touch soon! If you have any questions or concerns call 780-802-4845 - Mortgage Route Team

Current Prime Rate is 7.20

Rates subject to change without notice. *O.A.C. E.& O.E.

TermsBank
Rates
Our
Rates
5 Year Adjustable (high ratio / no pre approvals)6.45%6.10%
3 Year (fixed high ratio / Live deal)5.79%5.29%
5 Year (fixed high ratio / 120 day hold / Live deal )5.44%4.99%
5 Year (fixed rate / high ratio – Borrowed down)5.64%4.99%
2 Year (fixed high ratio)6.49%6.29%
4 Year (fixed rate high ratio)5.69%4.99%
5 Year (fixed rate refinance)6.49%5.79%
Auto Financing8.99%7.99%