As a licensed mortgage professional serving Burlington, Hamilton, Oakville, and all of Ontario, clients often ask me: Why do some mortgage pre-approvals take one day, and others take longer?
Often, it comes down to paperwork. If your documents are organized, I can move quickly to help you! Depending on your employment situation, lenders generally ask for the following:
Employed
- Recent pay stub
- Letter of employment
- Last two years of T4s
Commission / Bonus / Part-Time / Seasonal
- Everything listed under “Employed”
Proof Of Down Payment
- 3 months of bank statements to show proof of down payment funds
Child Tax Benefit
- Your Canada Child Benefit (CCB) notice from the CRA
- 3 months bank statements
Self-Employed
- Business license or articles of incorporation
- Last two years of T1 Generals
- Last two years of Notices of Assessment (NOA)
- Business financials (if applicable to your situation)
- Note: Being late on tax filings or owing money to the CRA might delay your mortgage application.
Retired (CPP or OAS)
- Last year’s T4As
- 3 months of bank statements to confirm deposits
Spousal or Child Support
- Signed separation agreement
- 3 months of bank statements to confirm deposits
- Note: If you do not have a signed separation agreement, this could impact your file.
Whether you have all of the documents or not, I’m happy to guide you. It’s my job to determine exactly what your unique situation requires—not yours!
If you are looking to buy a home or refinance in the Burlington area, let’s get your pre-approval started today.
David Holton Mortgage Agent Level 2 License # M18000883
Meta Mortgage Group – Dominion Lending Centres
Brokerage License # 12982
905-466-4703