Before you start browsing listings and booking home viewings, there’s one critical step every buyer should take—getting mortgage pre-approval. Not only does this help define your budget, but it also shows sellers you’re serious and financially ready.

Here’s what you need to gather to get mortgage approval:

1. Income Documentation

If you are an employee:

• Letter of Employment (dated within 60 days)

• Most recent Paystub (dated within 30 days)

• Most recent T4 (required if income includes hourly, bonuses, commissions, or overtime)

If you are self-employed (sole proprietor):

• Notice of Assessment (NOA)

• T1 General Tax Return

• Statement of Business Activities (T2125)

• Proof of Tax Payment (if any balance is owing)

If you own a corporation:

• Notice of Assessment

• T1 General Tax Return

• 2 Years of Financial Statements (prepared by an accountant)

2. Down Payment Verification

• 90-Day Account History
  Show the history of any bank accounts where your down payment will come from. Ensure your name and account number are visible.

• Large Deposits
  Be prepared to provide documentation explaining any large deposits. Lenders want to ensure funds are not borrowed. It’s best to avoid moving money between accounts unnecessarily.

Getting pre-approved gives you a major edge in a competitive real estate market. It allows you to shop with confidence and negotiate like a pro.

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