What documents do I need to get pre-approved?

Are you looking for a pre-approval or an approval? This is where you will find the difference between pre-approvals and approvals as well as a list of documents required for each.

What’s the difference? 

 

Are you looking for a Pre-Approval?

A pre-approval should be your first stop if you are thinking of purchasing a home.

Before setting out on your home search, you need to know how much you qualify for. A pre-approval will help you understand your buying power based on your income and credit.

Full-time SALARY & HOURLY employee

Current pay statement, must be dated no later than 30 days from your application date.

Part-time hourly WITH Guaranteed hours 

Current pay statement, must be dated no later than 30 days from your application date.

Letter of employment MUST state guaranteed hours, this is requested upfront so that we can be sure that the lender actually guarantees income in writing. It’s important to note that the lender will call your employer to verify the pay statement and letter.

Part-time hourly WITH NO Guaranteed hours 

Current pay statement, must be dated no later than 30 days from your application date.

The last 2 years Notice of Assessment’s (NOA)

The last 2 years T1 Generals

When the part-time income has no guaranteed hours, lenders will look at the last two year average to determine income

Self-Employed

Articles of Incorporation

The last 2 years Notice of Assessment’s (NOA)

The last 2 years T1 Generals

Lenders will look at the last 2 years income to determine average income

Other Income Source

Any other income is reviewed on a case by case

Are you looking for an Approval?

If you’ve already purchased a home, are looking to refinance or switch your mortgage, then you will need to use the approval list of documents listed below. The approval list is much like the pre-approval list with a few additional documents required.  Our list is based on general lender guidelines, however please note that lenders can request additional documents.

Full-time SALARY & HOURLY employee

Current pay statement, must be dated no later than 30 days from your application date.

Letter of employment on company letter head, stating your hire date, position and salary/rate, this letter must be dated within 30 days of your application date.

Part-time hourly WITH Guaranteed hours 

Current pay statement, must be dated no later than 30 days from your application date.

Letter of employment on company letter head, stating your hire date, position and salary/rate, this letter must be dated within 30 days of your application date. Letter of employment MUST state guaranteed hours. It’s important to note that the lender will call your employer to verify the pay statement and letter.

Part-time hourly WITH NO Guaranteed hours 

Current pay statement, must be dated no later than 30 days from your application date.

Letter of employment on company letter head, stating your hire date, position and salary/rate, this letter must be dated within 30 days of your application date.

The last 2 years Notice of Assessment’s (NOA)

The last 2 years T1 Generals

When the part-time income has no guaranteed hours, lenders will look at the last two year average to determine income

Self-Employed

Articles of Incorporation

The last 2 years Notice of Assessment’s (NOA)

The last 2 years T1 Generals

Lenders will look at the last 2 years income to determine average income

Other Income Source

Any other income is reviewed on a case by case

It’s important to note that your lender may require additional documents and those documents will be requested on your mortgage commitment.

Should you have any questions about the process or the documents required, please email me at ana@lamortgageteam.com or call me at 905.870.0513

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