Almost every mortgage that takes too long takes too long for the same reason. Not the lender, not the underwriter, not the market. The file sat waiting on a document.

Here is what to gather before you apply, and more usefully, why each item exists. Once you know what the lender is actually looking for, it becomes obvious which version of a document to send.

Proof of who you are

Two pieces of government identification, unexpired. Your lawyer will need these again at closing, so keep them somewhere you can find them twice.

Proof of what you earn

This is where most delays happen, and what you need depends entirely on how you are paid.

If you are on salary, you need a recent pay stub, a letter of employment on company letterhead, and usually your most recent T4 or Notice of Assessment. The letter should state your position, your start date, your salary, and whether you have passed probation. A surprising number of employment letters arrive missing the start date, which sends the file straight back.

If your income includes commission, bonus or overtime, lenders will normally average the last two years rather than use your best one. Bring two years of T4s and Notices of Assessment so the average can be calculated properly.

If you are self-employed, expect to show two years of filed tax returns, the matching Notices of Assessment, and financial statements for the business. Lenders want to see the business registration or articles of incorporation too. If your filed income is much lower than what the business actually earns, that is a real and common situation with its own solutions, and it is worth reading about private and alternative lending before you assume you do not qualify.

One thing worth knowing: if you owe money to the Canada Revenue Agency, disclose it early. Lenders find out, and finding out late is far worse than knowing up front.

Proof of your down payment

Lenders must see a 90 day history of the money. That is an anti money laundering requirement, not suspicion of you personally, and there is no way around it.

So send full statements rather than screenshots of a balance. A statement showing only today’s number does not demonstrate history. If a large deposit landed in the last three months, be ready to explain where it came from, because the underwriter will ask.

Gifted money needs a signed gift letter from an immediate family member confirming the money is a gift and not a loan. If it is actually a loan, say so. It changes the debt ratios, and it is far better to handle that at the start than to have it surface later.

Money coming from an RRSP under the Home Buyers’ Plan, or from the sale of another property, has its own paperwork. Mention it early so we can tell you exactly what the lender will want.

Details of what you owe

You do not usually need to hunt down every statement, because your credit report shows most of it. What the report does not show is worth flagging yourself: support payments, a private loan, a car lease ending soon, or a credit card you have just paid off and intend to close.

If there is something ugly in your credit history, tell us before the lender sees it. A late payment with an explanation is a much smaller problem than a late payment discovered by an underwriter.

Details of the property

If you have an accepted offer, that means the agreement of purchase and sale, the MLS listing, and your lawyer’s contact details. Condominiums also need the status certificate, which takes time to produce, so order it as soon as conditions are in place.

If you are refinancing or renewing, bring your current mortgage statement and a recent property tax bill instead.

The things that quietly slow files down

Sending a photo of a document instead of the document. Underwriters need every page, including the blank ones, and they need the account holder’s name visible on bank statements.
A job change mid application. Even a move to better pay can undo an approval if you land in a probation period.
New credit. Financing furniture before closing changes your debt ratios at the worst possible moment.
Assuming a document is not relevant. Send it and let us decide. It costs nothing.

What happens once it is all in

With a complete file, most pre-approvals come back within one to two business days. The paperwork is the slow part, and it is the part you control.

If you would rather not guess at any of this, send us what you have and we will tell you what is missing. You can also start with a pre-approval to find out what you can actually spend, or run the numbers yourself with our calculators. Approvals are on approved credit.

What to have ready before you apply