Lender Checklist: What You Need for a Mortgage

Lender Checklist: What You Need for a Mortgage

• T-4 forms — or business tax return forms if you're self-employed — for the last two or three years for every person signing the loan.
• Copies of at least one pay stub for each person signing the loan.
• Account numbers of all your credit cards and the amounts for any outstanding balances.
• Copies of two to four months of bank or credit union statements for both checking and savings accounts.
• The lender, loan number, and the amount owed on other installment loans, such as student loans and car loans.
• Addresses where you’ve lived for the last five to seven years, with names of landlords if appropriate.
• Copies of brokerage account statements for two to four months, as well as a list of any other major assets of value, such as a boat, RV, or stocks or bonds not held in a brokerage account.
• Copies of your most recent retirement account statement.
• Documentation to verify additional income, such as child support or a pension.
• Copies of personal tax forms for the last two to three years.

The first step in the home buying process is setting up pre-qualifications with a few lenders. Once you have found the lender with the most favourable rates and terms, initiate the process of a pre-approval with this lender to ensure that any discrepancies, problems or additional requests are handled well in advance. Speak with a mortgage associate and get the process rolling.