What Documents Do I Need For Getting A Mortgage Pre-approval?

If you are thinking of home buying during this Toronto Real Estate Fall Market to shop for a home or an investment, you probably know that getting a mortgage pre-approval is the first step to determine a budget for your purchase. However, I often find that most purchasers are scrambling to assemble the required paperwork from your tax filing the lender requires for a mortgage application, and by the time you have all the paperwork in order, the market behaviour and prices have changed. When life is busy, tax filing and record keeping may be a low priority on your list of "to-do". Keep in mind that employment and income documentation is a minimum requirement to get a pre-approval.

Rosanna Younan from Premiere Mortgage has put together a list of what you will need to help you get organized :

Employment & Income documentation: (minimum requirements)

•Full-time, permanent salary position: letter of employment & pay slip; you will want to

wait on the letter of employment until the purchase is in place as it must be dated within

30 days of the mortgage application. Have a recent pay slip available for your mortgage

agent so they can confirm salary details for an accurate financing submission.

•Contract or self-employment: minimum 2 year history of earnings documented by

T1Generals and Notice of Assessments. No CRA arrears allowed. Confirmation of self-

employment by way of business licensing or Statement of Business Activities


•Part time income: 2 year history required (tax returns); letter of employment & recent

pay slip;

•Bonus income: 2 year history required (tax returns);

•Self-employed – minimum 2 years, cash business & little income reported to CRA: there

are excellent options, we can discuss;

•New to your employer & on probation: most lenders require probation to be completed

before advancing mortgage funds. Some exceptions are allowed; case by case.

Down payment verification:

•3 month history of the down payment being saved or accumulating;

•Bank statements (clearly confirming your ownership of the account.; ie: name appears

on statements); GIC certificates, RSP statements or statements from investment


•If money has been transferred between accounts during the 3 month period (to

consolidate savings); 3 months statements from all accounts will be required;

•Any deposits greater than $2000 (other than payroll direct deposits) must be explained;

•Gift funds from immediate family member are allowed in most cases (gift letter needs to

be completed).

Other requirements may include:

•Confirmation of debt repayment;

•If current employment is less than 1 year; many lenders are requesting proof of previous

position (ie: Record of Employment or T4 slip)

Let me know how I can help you with your preapproval or mortgage financing!

Rosanna Younan

Mortgage Agent License # M08004328

Verico Premiere Mortgage Centre Inc. #10317

Independently Owned & Operated


C: 416 729 9210

E: rosanna.younan@premieremortgage.ca

You may also be interested:

A mortgage pre-approval is not a loan guarantee. Find out what could affect your final approval before closing.

Buying a home in a Seller's Market: The basics to writing the best real estate offer.

Determining how much your home is worth. What a CMA means and understanding your local real estate market.

#mortgage #torontorealestate #homebuying

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Real Estate Broker
287 Davenport Road Unit 1 | Toronto ON M5R 1J9

416-799-9632 | 416-504-6133 



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