Toronto Mortgage Broker: Checklist of Documents they Will Need

The following list provides you with an overall guideline as to the documents you will need when you go to your mortgage broker’s. Keep in mind that most mortgage brokers have their own forms which they require, as do lenders with their own requirements and restrictions for specific documentation, thus this is meant to be a guideline only.

Credit Bureau Report

Once your application has been received, this credit bureau report is to be obtained by the mortgage broker.
See article Toronto Home Buyer: Mortgage Basics for more information on checking your own credit rating before going to find a mortgage.

Debt Service Ratio

To be calculated by Mortgage Broker. Requirements of specific lender will also apply.

Verification of Income, one or more of the following:

•    Pay Stubs
•    Financial Statements
•    Three years tax refund (if commission sales or self-employed)
•    Revenue Canada Notice of Assessment T4 or T4A
•    Letter(s) of Employment (position, length of service, salary [plus bonus if applicable])

Down Payment Confirmation, one or more of the following:

•    RRSP Statements
•    Investment Statements
•    Three months of bank statements
•    Copy of Term Deposits and/or Savings Bonds
•    OHOSP Account
•    Gift Letter

If I have missed anyting please feel free to leave a comment naming the document that was missed.

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