Documents for a Mortgage Pre-approval

 ​​​​​​​If you are on commission/work overtime/self-employed:

• copy of drivers licence (front and back)
• copy of passport or SIN card
• full credit report from Equifax. You can get it here: https://www.consumer.equifax.ca/personal/
• Notice of Assessment for 2 recent years for each applicant
• T1 General for 2 recent years for each applicant
• Articles of Incorporation or Business Licence (if applicable)
• 6 Months Business Banking Statements
• 2 recent pay stubs (if applicable)

   If you are on salary:

• copy of drivers licence (front and back)
• copy of passport or SIN card
• full credit report from Equifax. You can get it here: https://www.consumer.equifax.ca/personal/
• T4 for previous year
• Letter of employment
• 2 recent pay stubs
• NOA (Notice of assessment) for previous year

  If you already have a property, you will need to send the following:

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1. Property tax Bill for a current year

2. Mortgage statement  

​​​​​​​  If you are retired/on pension:

Proof of Income and Assets

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•  Pension Income Documents:

1. T4A Slip: This is a tax form showing pension income received.
2. Pension Plan Statement: A statement from your pension provider confirming your pension payments.
3. Notice of Assessment (NOA): Your most recent NOA from the Canada Revenue Agency (CRA) will show the pension income you reported.

•  Bank & Investment Statements:

1. Recent bank statements (typically 1-3 months) showing deposits from your pension and other income.
2. Statements from any investment accounts, like RRSPs or TFSAs, to document your assets and down payment funds.

•  Down Payment Evidence:

1. Proof of funds for the down payment, which can include savings, RRSP withdrawals (if applicable), or sale of another property.
2. A gift letter from a family member if a portion of the down payment is a gift.

Property-Related Documents

1. Purchase Agreement: The final agreement for the property you are buying.
2. Property Documents: Information about the property you are purchasing.

General Documents​​​​​​​

1. Identification: Valid government-issued photo ID with your current address.
2. Credit Report: Lenders will check your credit score to ensure it's above the minimum requirement, usually 600.

SEND YOUR DOCUMENTS TO: ask@alexprice.ca