People put off calling a broker because they think they need a folder of documents first. They do not, and the delay costs them.
A first conversation is a description of your situation: what you earn and how, roughly what you owe, what you are trying to do, and when. From that Chad can tell you a realistic range, flag anything likely to cause trouble, and tell you what to gather. Fifteen minutes, no paperwork, no credit pull, no obligation.
Documents come afterwards, once you decide to proceed. This is that list, with the reason for each, because knowing why a lender wants something makes it much easier to supply the right version.
Proving your income
Two recent pay stubs. Confirms current employment and year-to-date earnings, which lets an underwriter sanity-check the annual figure.
An employment letter. The document that most often holds a file up, because employers are slow to produce it. Request it early.
Ask for more than the standard version. A letter confirming position, start date and base salary is adequate for a salaried employee. If any part of your income is overtime, shift premium, commission or bonus, ask for a letter that describes that as a regular and ongoing part of the role. That sentence is frequently worth tens of thousands of dollars of borrowing capacity. See variable income.
Two years of T4s and Notices of Assessment. The Notice of Assessment is the Canada Revenue Agency's confirmation of what you actually filed, which is why lenders trust it more than anything you tell them. It also shows whether you owe tax, and outstanding tax debt can stop a file because it can become a lien against your property.
If self-employed: two years of complete tax returns with all schedules, and corporate financial statements if incorporated. An accountant's letter is frequently worth requesting too. See self-employed mortgages.
Proving the down payment
Lenders must confirm where the money came from, and this is where straightforward files stall.
Ninety days of statements for whichever account holds the funds. Full statements, showing your name and the account number, not screenshots of a balance.
The ninety days is the point. A large deposit appearing three weeks before closing with no explanation is a problem, not a formality. If money is arriving from a house sale, an RRSP withdrawal under the Home Buyers Plan, or the sale of a vehicle, keep the documentation.
A gift letter if any of it is gifted, signed by the family member, confirming it is a genuine gift rather than a loan. Lenders also want to see the funds arrive.
Extra time for funds from abroad, because tracing requirements are heavier.
The practical advice: consolidate the money into one account as early as you can and leave it there.
Proving what you owe
Balances and monthly payments for every debt: cards, car loans, lines of credit, student loans.
Most of this appears on your credit report anyway, so do not omit anything. What is worth flagging separately is anything the report will not show correctly, such as a business loan you have personally guaranteed, or support payments under a separation agreement.
Support paid reduces your capacity considerably and it appears in the documents. Disclosing it up front is far better than having it surface later.
If you already own
Your current mortgage statement, showing balance, rate, maturity date and whether it is insured. That last detail matters more than people realise: an insured mortgage carries better pricing through renewals and switches.
Your property tax notice, and confirmation of whether you pay the municipality directly or the lender collects it.
For rental properties, the lease and two years of T776 statements from your tax return, which is the rental income figure lenders trust.
The one thing to do before you call
Pull your own credit, from both Equifax and TransUnion. It is free, it is a soft enquiry with no effect on your score, and errors are common.
Finding a forgotten collection from an old utility bill now, rather than during a five-day condition period, is the single highest-value thing on this page. Corrections take thirty to sixty days. See how to read your report.
Then get it reviewed
With those documents, a reviewed pre-approval takes a day or two and gives you a number you can rely on rather than an encouraging estimate.