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What Documents Will I Need to provide my Mortgage Broker for a Mortgage Application in Alberta?

man signing mortgage documents in Alberta

Are you planning to buy a home? Securing a mortgage is an essential step in fulfilling your dream of homeownership. When applying for a mortgage there are some basic documents you’ll need to gather and provide to your mortgage broker. This article will guide you through the basic but necessary paperwork and provide valuable insights to help you streamline the mortgage application process.

Obtaining a mortgage requires thorough documentation to demonstrate your financial stability and ability to repay the mortgage. By providing the necessary paperwork upfront, you can expedite the mortgage approval process and increase your chances of securing favorable terms and rates.

1. Personal Identification Documents

To initiate the mortgage application process, you’ll need to submit valid identification documents. These typically include:

  • Valid government-issued photo identification (e.g., driver’s license, passport)
  • Social Insurance Number (SIN)

2. Verification of Income Documents

Lenders need assurance that you have stable income to meet your mortgage obligations. The following documents are generally required:

  • Employment verification letter from your employer
  • Your most recent pay stub
  • Some lenders allow Canada Child Benefits to be used as income – be prepared to provide a statement for this and verification of the childrens’ ages
  • If self-employed, the prior two years T1 General tax returns and CRA Notices of Assessment, company financial statements if a corporation, and verification of company ownership

3. Verification of Down Payment Documents

Lenders will request your bank statements and/or investments statements to verify the accumulation of the down payment funds. Federal guidelines require your mortgage broker to verify all down payment funds going back 90 days.

4. Other Documents

  • Divorce/separation documents if you were previously married – this is to verify you do or do not have financial obligations to your ex-spouse
  • Other property documents – if you own other properties like a rental, your mortgage broker will need the mortgage statement, tax statement and lease agreements
  • Be prepared to provide most any document your mortgage broker asks for and please remember your mortgage broker is likely asking for the document because the lender asked him/her for it

When applying for a mortgage with your mortgage broker, gathering and providing the right documents upfront or early is crucial to a smooth and efficient process. By organizing and providing all the necessary paperwork, you increase your chances of securing a mortgage with favorable terms. Remember to keep your documentation updated and accurate, addressing any discrepancies or issues before providing them to your mortgage broker.

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