When applying for a mortgage, you'll typically need the following documents:

1. Proof of Identity

• Government-issued photo ID (e.g., driver's license, passport)

2. Proof of Income

• Employed Individuals:
• Recent pay stubs (usually the last 2-3)
• Letter of employment (confirming position, salary, and length of employment)
• Notice of Assessment (NOA) from the CRA (last 2 years)
• T4 slips (last 2 years)
• Self-Employed Individuals:
• Notice of Assessment (last 2 years)
• T1 General tax returns (last 2 years)
• Business financial statements (if applicable)
• Proof of business registration (if applicable)
• Bank statements (last 3-6 months)

3. Proof of Down Payment

• Bank statements (last 3 months) showing funds
• Gift letter (if receiving a down payment as a gift)
• Sale agreement of an existing property (if using proceeds for the down payment)

4. Credit & Debt Information

• Credit report (lenders may pull this directly)
• List of current debts (credit cards, loans, lines of credit)
• Proof of rental income (if applicable)

5. Property Details (Once Chosen)

• Purchase and Sale Agreement
• MLS listing details
• Property tax statements (for existing homeowners)
• Condo documents (if applicable)

6. Additional Documents (If Required)

• Divorce or separation agreement (if applicable)
• Bankruptcy or consumer proposal documents (if applicable)

Yes! A mortgage broker can help even if you have a low credit score. They can find lenders who specialize in bad credit mortgages, offer flexible approval options, suggest ways to improve your credit score, help you make a larger down payment, and explore debt consolidation as an option.

Getting a pre-approved mortgage has several benefits:

• Know Your Budget:  Understand how much you can afford before you start looking for a home.
• Lock in an Interest Rate:  Protect yourself from rising interest rates; most lenders will guarantee your rate for 90-120 days.
• Strengthen Your Offer:  Sellers are more likely to accept an offer from a pre-approved buyer.
• Speed Up the Approval Process:  Get your mortgage faster once you find a home.
• Identify Issues Early:  Spot any potential problems with your credit or income before you apply for your final mortgage.