Make Your Home in Hamilton

Andrew Caton is passionate about two things - Real Estate and the Greater Hamilton, Ontario area including Hamilton Mountain, Stoney Creek, Ancaster, Dundas and Waterdown. Through the blog we hope to share the best of our city as well as provide timely and helpful real estate advice - whether you're buying or selling a home.
Font size: +
2 minutes reading time (376 words)

First Time Home Buying - Where to Start? {Mortgage Approval Documents}

First Time Homebuying - Mortgage Approval Documents
One of the most critical parts of buying your first home (or any home) is the Mortgage. Unless you are fortunate enough to have the cash to purchase the home outright, you will need a mortgage to complete the purchase. To make this process as easy and straight forward as possible, I always recommend "doing the work upfront". Have the following documents ready, when you meet with your Mortgage Professional and not only will s/he be impressed, but the entire meeting will go much more quickly and be less stressful.
Documents to have ready:
If you are an employee (ie. anyone not self-employed):
 1. Two current paystubs.
 2. A "Letter of Employment" (if you call payroll or Human Resoures, they will likely have a standard form) verifying your start  date, position and annual or hourly earnings (if hourly also include the amount of hours per week).
 3. The last 2 years Notice of Assessments if Overtime or Bonuses are required for qualification or if you are Part Time / Contract.

 4. Down Payment Verification (DON'T FORGET THIS!)
  You will need:
 A Gift Letter if a family member is gifting you the downpayment (i.e. parents, sibling, grandparents, etc.)
  (If you need a form "gift letter", contact us, we'd be happy to provide one for you.)
OR  Three Months Bank statements if you have saved the downpayment. Lenders want to know where the money is coming from, and 3 months bank statements show that it is coming from YOUR account. The name on the account must match the void cheque you will provide.

OR  Investment Account Statements if the downpayment is coming from your R.R.S.P., G.I.C. or other form of investment
 5. A Void Cheque from the account the lender will take payments from.
If you are Self Employed (Business For Self)
 1. The last 2 or 3 years of your T1 General
 2. Articles of Incorporation (if appropriate)
 3. Business License (if appropriate)
 4. The last 2 or 3 years Notice of Assessments (showing your are NOT in arrears of your tax obligations)
This is by no means an "exhaustive" list, but by having these basic documents ready, you will make the mortgage approval process much smoother.
Have other questions about Real Estate? Call, email or tweet us. We are always here to help!

Stay Informed

When you subscribe to the blog, we will send you an e-mail when there are new updates on the site so you wouldn't miss them.

Spring Home Maintenance Checklist
GF Chocolate Chip Cookies

Related Posts

Make Your Move

Latest Blogs

Andrew Caton
January 05
Hamilton Real Estate Blog
Are you preparing to sell your home? Those of us who have furry little frie...

Bi-Monthly News & Tips from Hamilton!
Relevant articles, gluten-free recipes and more from Andrew Caton.

Mailing List Sign-Up
Join Now