A guide for home buyers

Chapter 10 – Common Required Documents

Although you don’t need to provide documents during the pre-approval process, you will eventually need to confirm the information on your application. The exact documents required vary from lender to lender, but there are a few that you can expect to provide each time.

Mortgage Commitment:

The mortgage commitment is the contract that the lender provides.  It includes all the conditions required from you before they will fund.  Usually, you sign one of these with your mortgage broker, and then again with a lawyer.

Income Proof:

One of the most important factors in obtaining a mortgage at the best rate is being able to prove your income.  If your job is a basic salary, then it is fairly simple; a recent pay stub and a letter from your employer will suffice.  If you own a business or have a commissioned job, the lender usually requires 2 years of Tax Filings with Notices of Assessment.

Down Payment Proof:

Usually 90 days bank account history.  If the down payment funds have not been there for at least 90 days, the lender will require further explanation. If the down payment is a gift, it must be from a direct family member and they have to fill out a gift form confirming this.

Property Information:

Any documents with regard to the property (purchase contract, survey, appraisal).