To facilitate a seamless mortgage approval process, it’s essential to provide accurate and complete documentation. Below is a comprehensive checklist to guide you through the necessary steps:
Document Submission: Upload clear copies or PDFs of actual statements and documents; avoid screenshots or photos.
Complete Statements: Ensure all pages of numbered statements are included, even if some are blank.
Tax Returns: Provide all federal schedules.
Consolidated Uploads: Submitting all documents simultaneously can streamline the process.
Loan Application:
Complete and submit the loan application form.
Purchase Documents:
If you’re purchasing a condo or townhouse, you will need to provide the status certificate (Strata). This ensures there are no lawsuits or issues with the unit or building and confirms that the reserve fund is adequately funded. Be sure the seller orders this as soon as possible, as it can take a few days.
Income Verification:
Please refer to the Employee or Self-Employed section for the specific documents required.
Down Payment Documentation:
Provide 90 days’ worth of recent bank statements, including all pages with your name and account number, from all accounts being used for the down payment.
Deposit Documentation:
Provide 90 days’ worth of recent bank statements, including all pages with your name and account number, from all accounts being used for the deposit.
Other Important Information:
Make sure to request a 5-day COF (Condition of Financing). Banks are busy in this market, and lenders offering the lowest rates are especially overwhelmed, which could result in delays. Don’t let real estate agents pressure you to skip or rush your home financing. Their priority is often their commission, but your priority is ensuring that the financing is secure and accurate.
Be cautious when using the mortgage broker recommended by your real estate agent, unless they’re part of a well-established brand with the best rates. Some brokers may prioritize deals from their real estate partners, which could lead them to overlook important details that could cost you significantly on your mortgage.
Learn more about purchase mortgages.
Identification:
Tax Documents:
Lawyer Information:
It’s important to note that you cannot be on probation when applying for a mortgage. Additionally, if you’re on maternity leave, your Letter of Employment (LOE) must include a confirmed return-to-work date in order to use your income for qualification.
For hourly income, it must be consistently earned with no big difference in hours weekly. T4’s forms from the past two years for all applicants with this type of income.
For part-time income, it must be consistently earned for at least two years to be considered. T4’s forms from the past two years for all applicants with this type of income.
Any variable income, such as overtime, bonuses, commissions, tips, etc., also requires a two-year history to be used in the application. T4’s forms from the past two years for all applicants with this type of income.with this type of income.
If you are a nurse listed as part-time (PT) rather than full-time (FT), this is usually acceptable, provided you have a work history of 6 months to 2 years, depending on your experience and position.
Income Verification:
Business Verification:
If Sole Proprietor:
If Corporation:
Additional Documentation:
Please note, these document requests are based on A-lending requirements (i.e., traditional bank lending). For B-lending or Private Lending we do not need the T1s or the two years of business financials statements.
Learn more about self-employed mortgages.
OAS & CPP Income: Provide year-end tax slips or 3-12 months of bank statements confirming deposits.
Company Pension Plan: Provide a letter from the pension provider and 3-12 months of bank statements.
Disability Income:
Foster Income:
Child Tax Credit:
Investment Income:
Child Support Income:
Rental Income:
We categorize rental income into existing and new rental income:
For New Rental Income (i.e., purchasing a property and renting it out or renting out a basement):
For Existing Rental Income:
Important Notes:
All rental rates are higher than traditional mortgage rates. You will not get a super low rate on a rental.
Learn more about rental mortgages for investment homes.
Reverse mortgages are available for homeowners aged 55 or older who want to convert home equity into cash.
Personal Documentation:
Financial Documentation:
Property Documentation:
Learn more about reverse mortgages.
Refinancing a Mortgage involves replacing your current loan with a new one, typically to lower your interest rate or adjust the loan terms.
Personal Documentation:
Income Documentation:
Property Documentation:
Learn more about mortgage refinancing
Home equity loans and second mortgages allow you to access the equity in your home for purposes such as renovations, debt consolidation, or other major expenses. Below is a comprehensive list of the required documents:
Personal Documentation:
Income Documentation:
Property Documentation:
Additional Requirements:
Learn more about home equity loans and second mortgages.
With our volume and buying power we have set the stage for Canadians by offering some of the lowest rates in Canada. We save you thousands over the term of you rmortgage while offering competitive products your needs. Learn More.
Our experienced team is committed to making the mortgage process easy, offering tailored solutions, and supporting you with confidence throughout the entire journey.
We value transparency and integrity. By providing all the information you need from the start and ensuring there are no unexpected surprises, we earn your trust with our dedication to your financial well-being.
Have you ever wondered why you have to provide more documents to a mortgage broker in Canada than to your own bank? It’s a common question asked by clients who are beginning their mortgage journey, and we have an answer for you.
Mortgage brokers are intermediaries who work with multiple lenders to find you the best deal for your mortgage. Unlike your bank, which has access to your financial information, mortgage brokers don’t have access to your financial history or any other information that might help them determine your creditworthiness.
Therefore, to obtain a mortgage from a lender, brokers need to gather as much information as possible about your financial situation. This includes details about your income, employment history, credit history, savings, assets, and debts. Gathering this information helps brokers to understand your financial capacity and identify the best lenders and products for you.
Moreover, lenders also require a thorough verification process to ensure the accuracy of the information provided by clients. In addition, they are required to follow strict regulatory guidelines to prevent money laundering and fraudulent activities. Therefore, brokers must obtain all required documents to present a complete and accurate application to the lenders.
In contrast, your bank has access to your financial information, and therefore, you don’t have to provide as much documentation. However, you might not always get the best deal from your bank since they are only offering their own products. Working with a mortgage broker gives you access to multiple lenders and products, increasing your chances of finding the best deal for your unique situation.
At Citadel Mortgages, we understand that providing so many documents can be overwhelming. However, we work hard to make the process as seamless as possible for you. Our award-winning process ensures that we collect all the required documents upfront, reducing the risk of any delays or issues during the mortgage process.
If you’re ready to start your mortgage journey, contact us today, and our team of experts will guide you through the process and help you find the best mortgage deal for you.
Copyright © 2018 Citadel Mortgages
Head Office – 150 King Street West 2nd Floor Suite 335, Toronto, ON M5H 1J9
Alberta Office – 421 7th Avenue S.W., 30th Floor, Calgary, Alberta, T2P 4K9
Nova Scotia Office – 1701 Hollis Street, Suite 800 Halifax, NS B3J 3M8
Saskatchewan Office – 2010 – 11th Avenue 7th Floor Regina Saskatchewan S4P0J3
Newfoundland Office – 1 Church Hill – Suite 201-522 St. John’s Newfoundland A1C 3Z7
New Brunswick Office – 500 St George Street, Moncton NB, E1C 1Y3
British Columbia Office – 900-2025 Willingdon Avenue, Burnaby BC, V5C 0J3
Manitoba Office – 330 St. Mary Avenue, Winnipeg, MB, R3C 3Z5
Disclaimer
Citadel Mortgages operates an information-based website designed to display mortgage rates from its trusted partners. While we strive to present accurate and up-to-date information, we cannot guarantee the precision of the rates or other details provided at all times. Citadel Mortgages assumes no liability for errors, inaccuracies, or damages resulting from the use of the information on this site. Terms and conditions apply, and it is essential to consult directly with a licensed mortgage broker for personalized advice and accurate details about specific products and services. Please note that the rates displayed are for informational purposes only and may differ from actual rates offered.
Citadel Mortgages is licensed to operate in the following jurisdictions:
Instant Approval, Conditional Approval, Pre-Approval
All approvals are subject to credit and underwriting approval. Not all borrowers will qualify for conventional or equity financing. The receipt of an application does not constitute a financing approval or guarantee of an interest rate. Restrictions apply. The Annual Percentage Rate (APR) is subject to underwriting and approval, and fees and terms may vary. Contact us for the most current rates and further information about specific products. OAC (On Approved Credit).
We remain committed to delivering outstanding service, transparency, and ethical practices. Please note that some rates are province-specific and may change without notice. Rates may not be available in Quebec; please contact us directly to confirm availability and approval.
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