Looking for a new mortgage? Start here.
Lisa Manwaring • July 2, 2020
It's safe to say that things have (mostly) calmed down in the mortgage world since the beginning of COVID-19. The rush of mortgage deferral applications appears to be behind us. So if you're looking for a new mortgage, right now is an excellent time to get things going!
Even before we've discussed your financial situation, and you've completed an online mortgage application, the best place to start is to collect all your supporting documents and have them accessible ahead of time. This is the absolute best way to ensure there won't be any surprises down the line and that we're dealing with concrete numbers, and not estimates.
Most lenders won't entertain any type of mortgage approval without providing supporting documents along with the application. Here are some of the documents you will be required to provide.
Income documents if you are employed:
Letter of employment
Two recent paystubs
Notice of Assessments (NOA) for the past two years
T4 or T4A's's for the past two years
Income documents if you are self-employed:
Company Financial Statements for the past two years
T1 Generals with your statement of business activity
Notice of Assessments (NOA) for the past two years
Confirmation of being self-employed for more than three years
Confirmation of company ownership
Down payment confirmation:
90-day bank statements for your downpayment (in your account)
Confirmation of 1.5% for closing costs
Gift letter if any of the funds are going to be gifted
Current mortgage statement and unconditional offer to purchase for your current property (once available) if your downpayment is coming from the sale of a property
For any existing properties:
Your current mortgage statement
Your current property tax statement
Your current lease agreement (if applicable)
Other documents:
Void Cheque for the account you would like your payments to come from
2 Pieces of Identification
A separation agreement (if applicable)
Making sure you have all your documents together ahead of time will give you the best chance at a smooth mortgage transaction. If you have any questions, please don't hesitate to contact me anytime!
RECENT POSTS
The Bank of Canada announced today that it is holding its target for the overnight rate at 2.25%, with the Bank Rate at 2.5% and the deposit rate at 2.20%. This decision comes against a backdrop of significant global uncertainty — and for Canadian homeowners, buyers, and anyone with a mortgage coming up for renewal, here's what it means.
Owning a home feels great—carrying a large mortgage, not so much. The good news? With the right strategies, you can shorten your amortization, save thousands in interest, and become mortgage-free sooner than you think. Here are four proven ways to make it happen: 1. Switch to Accelerated Payments One of the simplest ways to reduce your mortgage faster is by moving from monthly payments to accelerated bi-weekly payments . Instead of 12 monthly payments a year, you’ll make 26 half-payments. That works out to the equivalent of one extra monthly payment each year, shaving years off your mortgage—often without you noticing much difference in your budget. 2. Increase Your Regular Payments Most mortgages allow you to boost your regular payment by 10–25%. Some even let you double up payments occasionally. Every extra dollar goes directly toward your principal, which means less interest and faster progress toward paying off your balance. 3. Make Lump-Sum Payments Depending on your lender, you may be able to make lump-sum payments of 10–25% of your original mortgage balance each year. This option is ideal if you receive a bonus, inheritance, or other windfall. Applying a lump sum directly to your principal immediately reduces the interest charged for the rest of your term. 4. Review Your Mortgage Annually It’s easy to put your mortgage on auto-pilot, but a yearly review keeps you in control. By sitting down with an independent mortgage professional, you can check if refinancing, restructuring, or adjusting terms could save you money. A quick annual review helps ensure your mortgage is always working for you—not against you. The Bottom Line Paying off your mortgage early doesn’t require a massive lifestyle change—it’s about making smart, consistent choices. Whether it’s accelerated payments, lump sums, or regular reviews, every step you take helps reduce your debt faster. If you’d like to explore strategies tailored to your situation—or want a free annual mortgage review—let’s connect. I’d be happy to help you find the fastest path to mortgage freedom.
