Mortgage Pre-Approval Checklist

A Complete Guide for First-Time Home Buyers

​Are you thinking about buying your first home? One of the most important steps in the home-buying process is getting pre-approved for a mortgage. It not only helps you understand how much you can afford but also shows sellers you're a serious buyer. Here’s a comprehensive Mortgage Pre-Approval Checklist to guide you through the steps.

We know the mortgage process can seem daunting, but you're not alone!
 Many first-time home buyers shared their experiences with us, and here’s what they wish they knew before getting their first mortgage:
"You don’t need as much money as you think to qualify for a mortgage."
(It’s a common misconception that many first time home buyers have, but with the right guidance, you can often qualify with less than you expect.)
"That it’s really not as complicated as I thought it would be! Much less stressful."
(Many first-time buyers worry about the complexity, but with the right expert on your side, the process is simpler and more manageable than you think.)

Step 1: Let's Chat!

​The journey starts with an intake call where we’ll discuss your current financial situation and home-buying goals. I’m here to listen and understand your needs so that we can create a plan that works for you.

Step 2: Complete the Online Application

Once we've had our chat, it’s time for the next step: completing an online application. This part includes a credit bureau report, which helps us gauge your financial standing. Don’t worry—this is a routine step and will not negatively impact your credit score!

Step 3: Gather Your Documents

To keep the process moving smoothly, you'll need to provide some important documents. Here’s what you’ll need based on your employment status:

Proof of Identity Let’s confirm your identity. You can provide one of these:

• Driver’s License
• Passport
• Provincial ID Card
• Permanent Resident (PR) Card

Proof of IncomeYour documents depend on your job type:

• If You’re an Employee:
  • A letter of employment confirming your income and tenure
  • Current pay stub
  • Last two years of T4 slips
  • Current year Notice of Assessment

 

• If You’re Self-Employed (Sole Proprietor):
  • Last 2 year of T1 tax returns - all pages must be provided
  • Last two years of Notice of Assessments
  • Business bank statements or invoices(may be required)

 

• If You’re Self-Employed (Incorporated):
  • T4 or T5 forms (Note:  If you pay yourself both a salary (T4) and dividends (T5), a minimum of 2 years is required in order to use the full income paid)
  • Two years of audited business financials
  • Two years of Notice of Assessments
  • Business bank statements or invoices​

One of the biggest fears for first-time buyers is missing key information. But as one of my clients shared:
"I honestly don't think there were any unanswered questions with my mortgage. Leanne gave me all of the information I needed regarding everything from total costs to additional costs and hidden costs and options between fixed and variable."
(My goal is to make sure you have everything you need before you even start your home-buying journey, just like this client!)

Important: If you owe the CRA chances are you won't qualify for a mortgage.  It's important to ensure that you are on top of submitting your taxes each year and paying any amount owing before looking to obtain a mortgage.

Step 4: Show Your Down Payment & Closing Costs

Next, let's verify your down payment and closing costs. Please provide 90-day bank statements for all accounts where the funds will come from (e.g., savings, TFSA, RRSP).
Make sure:

• The document includes your name and account number.
• An account summary page confirms ownership.
• For any transactions over $5,000, include an explanation. (Lenders will require further documentation for any deposits +$5k (90 days).  It is higly recommend to avoid transferring funds across accounts within the 90 day window you are shopping for a new home.)​

Step 5: Review Your Options and Get Pre-Approved!

Once all the documents are in, I’ll review them within 24-48 hours. Afterward, we’ll set up a video call to go over your options, including:

• The application to ensure all the information is correct.
• Explanation of what deems a pre-approval - how do we determine your max affordability.  I am a BIG believer in educating clients on what and why's!
• Review scenarios, financials (mortgage/monthly expenses/closing costs) and varying mortgage product options.  Remember, rate should NOT be the only factor when deciding on the best product for your needs!

You’ll receive a pre-approval and budget summary that outlines everything, so you’ll be ready for the next steps in your home-buying journey!

Ready to Take the Next Step?

​Many first-time home buyers are surprised to find the mortgage process much easier than they initially expected. As one client said:
"That it’s really not as complicated as I thought it would be! Much less stressful."
Let me help you experience the same peace of mind on your journey!

Getting pre-approved for a mortgage is a key part of setting yourself up for success as a first-time home buyer.

Ready to get started?
Let’s work together on finding the best mortgage solution for you—schedule a time to connect!
If you’re ready to begin, contact me to start your application and get your pre-approval today and always be ready for opportunties!
Book a call now!
Call: 416-508-5719 📞
Email: [email protected]
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