Getting Ready for a Mortgage: What Homeowners Need to Prepare for their Mortgage Application
🏡 Getting Ready for a Mortgage: What Canadian Homeowners Need to Know
Whether you're buying your first home, renewing your current mortgage, or tapping into your home equity for a refinance, preparation is key. Having your documents and financial information organized can make the entire mortgage process smoother, faster, and a lot less stressful.
Here's a quick guide on what to expect—and what you'll need to have ready—based on your situation.
🔑 1. Buying a Home (New Purchase)
Getting approved for a mortgage starts with verifying your financial picture. If you're planning to purchase a home, here’s what lenders will typically ask for:
✅ Proof of Income:
Recent pay stubs (last 2–3)
Employment letter confirming position, income, and length of employment
Last 2 years of T4s and Notice of Assessments (NOAs)
If self-employed: 2 years of tax returns, NOAs, and possibly financial statements
✅ Down Payment Verification:
Bank statements showing the accumulated down payment (usually last 90 days)
If receiving a gift from a family member: a signed gift letter and a snapshot showing funds in your account
If funds come from investments or RRSPs: proof of withdrawal or balances
✅ Other Helpful Docs:
Valid ID
Signed purchase agreement (once you have one)
MLS listing of the property (once applicable)
🔁 2. Mortgage Renewal
Even if you're renewing with the same lender, it's a great time to reassess your mortgage strategy, shop rates, or make changes.
Required Documents:
Most recent mortgage statement
Most recent property tax bill or statement
Proof of income (same as above)
Having these in order allows your mortgage advisor to review your current terms and see if switching lenders or adjusting your amortization or payment frequency makes sense.
💸 3. Mortgage Refinance
Refinancing involves replacing your existing mortgage with a new one—whether it’s to consolidate debt, access home equity, or get a better rate.
You’ll need a bit more documentation than a renewal:
Required Documents:
Current mortgage statement
Property tax statement
Recent income documents (pay stubs, NOAs, T4s, etc.)
An appraisal may be required, depending on the lender
Breakdown of any debts or obligations you’re looking to consolidate
📁 Why Preparation Matters
Getting your documents together early not only speeds up the process but also gives your mortgage advisor a clearer picture of what’s possible for you. This means fewer surprises, more control, and better results—whether you're aiming for the lowest rate, accessing equity, or planning your next big move.
👋 Ready to Chat?
If you're planning a purchase, looking to renew, or thinking about refinancing, let’s connect. I’ll walk you through everything step-by-step and make sure you’re set up for success—whatever your goals may be.
👉 Book Your Free Assessment or reach out any time!
