Documents to Prepare for Mortgage Pre-Approval

Documents to Prepare for Mortgage Pre-Approval

Perhaps, one of our greatest dreams is to be able to build a dream home for our family where every member could take a grand relaxation after a week of hard work. According to, sometimes, it feels tedious to exert hard labor everyday while waiting for several long years just to be able to purchase a comfortable house for our loved ones. Because of this, various financial institutions made a way for us to achieve our prime aspirations in life, and that is to be able to purchase our dream house through mortgage loans where a bank lender will purchase the house for us and will pay them back within several years. While this is great news for homeowners, you need to complete a list of requirements before you can avail a mortgage loan. Here is the list to start up legal documentation for a mortgage loan.

The Proof of Income

First of all, the bank lender should determine whether you have the capacity to regularly pay for your mortgage loan every month. The most common requirements that the bank will require for you to submit are the following documents:

Certificate of Employment

You may request for this certification from your employer if you are presently employed. This certification will show your number of years in the company, your present status and your salary.

  • Pay Slips

The bank will also require you to submit your one-month pay slip which is equal to two pay periods and will represent how much is the monthly income that you are receiving from your employer.

  • W2 Tax Certificate or ITR

This certificate will show the amount that you have earned for the whole year. You may secure a copy of this document from your company’s HR Department or from the Accounting Department.

  • Business Permits/ Self-Employment Documents

In the absence of an employer, you need to present business permits or any documents that will prove your business’ stability and your capacity to pay for the monthly payments.

The Proof of Residency

The lender would want to know where you presently reside and what province you came from so that they will know how to find you. Thus, the bank will be requesting the following documents:

  • Valid ID’s

They will request for you to submit your government released IDs and your company ID which all should show the same current address that you will be using for your mortgage loan statement.

  • Proof of Billing

Your proof of billing such as your electricity, water or telephone bill will also be requested from you to be submitted because these bills will also show your current address.

The Bank Accounts and Credit Information

The lender bank will also require you to submit your bank statements and credit information (if there is any) to ensure that you have sufficient funds for the down payment of your mortgage loan and to ensure that you do not have other outstanding debts from any other banks.

The documents needed for a mortgage preapproval are now listed down for your easy reference just in case you might want to purchase your dream house right now. Use the information above for your guidance.

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