Mortgage Approval & Checklist

Mortgage Approval Process

The mortgage approval process is similar to a mortgage pre-approval: you’ll need to provide specific details about the home you’re purchasing, along with your income and down payment details.

Some of the documents you will need to provide include:

Employment information:

•    Current employment income from a T4, pay slips or signed letter from your employer.
•    Other sources of income such as investments, rental income, or freelance income.

Down payment information:

•    If you are using your own funds: savings or investment statements from the last 90 days.
•    If you are using the Home Buyers’ Plan (HBP): proof of withdrawal from your RRSP.
•    If you are using a gift from a family member: a letter stating the money is not a loan.

Financial information:

•    The deposit amount that was included with your Offer to Purchase.
•    An inventory of your current assets and liabilities such as investments or car loans.
•    A void cheque to setup mortgage payment withdrawals.

Details about the home:

•    A copy of the MLS real estate listing.
•    A copy of the accepted Offer to Purchase agreement, including the exact purchase price.
•    Your lawyer’s name, address and phone number


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Fixed Rate Mortgages Rates
1 year 3.20%
2 years 3.30%
3 years 3.40%
4 years 3.50%
5 years 3.60%
Variable Rate Mortgages Rates
Open (1, 2, 3 years) 3.20%
Closed 2.70%
Home Equity Line of Credit Rates
Home Equity Line of Credit 3.60%