Mortgage Documentation, Plan Ahead!

Bill Fraser • June 4, 2019

Collecting the right documentation to prove you are a worthy candidate to borrow a lot of money to buy a property can be an arduous task. The most recent government rule changes and tightening of mortgage qualification isn't making things easier. If you seem to think that there is no end to the documents lenders want to see before funding a mortgage, you're right, they ask for a lot. But the truth is, that's just the way it is now, borrowing money isn't an easy process.

As an example, if you're self-employed, using bonus income, overtime, shift differential, working two jobs, receiving isolation pay, or have income that isn't all that straight forward, there is a chance you will have to provide two years worth of your Notice of Assessments to verify your income. If you don't have a copy of your NOAs handy, qualifying for a mortgage is going to take a little more time for you. Here's why:

Up until very recently, accessing your NOA online was a simple process, you could pay a nominal fee to a reputable online company, and they could access your tax information from CRA and provide you with the documentation necessary to prove your income. However the Canada Revenue Agency has just changed the use of the form T1013and has stated that it can no longer be used to access information solely for income verification. So if you are unable to find your NOAs, and you don't have a My Account with CRA, it could take up to 4 weeks to gain access to the necessary documentation to substantiate your mortgage application.

Now, if you are thinking to yourself, "this doesn't affect me, I can find my NOA", great, but you're missing the point. The truth is, in today's mortgage marketplace, things are changing at such a rapid pace, the only good way to stay on top of things is to plan ahead. There are more exceptions than rules. Don't simply rely on what you think you know about the process, talk to your mortgage professional. If it's not the NOA, it will be something else. Collecting the appropriate documentation is taking more time than ever as lenders are requiring more documentation than ever. So if you're serious about the process, you will want to do everything you can to make it a success. This requires a great deal of planning.

Here are some situations you might find yourself in, and what to do when you're there.

  • If you are looking to buy your first home, and you don't know where to start, or have never been through the process, you should be in touch with your mortgage professional up to a year in advance. Seriously, sometimes it takes that long to get yourself into a place where you will qualify for a mortgage.
  • If you have a plan in place, and want to start looking at properties, the first thing to do is contact your mortgage professional and get a pre-approval in place. From there, you will want to collect all your documents, so that there are no surprises. Do this before you ever look at a property.
  • If you are have been considering a refinance to your existing mortgage, anytime is a good time to contact your broker for professional advice.
  • Six months before your existing mortgage renews is a great time to reach out and discuss your mortgage options with your mortgage professional.

So the moral of the story is: It can't be stressed enough, if you are considering your mortgage options, it's in your best interest to plan ahead by discussing your financial situation with a mortgage professional, this will allow you enough time to get all the documentation together, and in turn, allow you the best chance at getting the mortgage you want.

If you would like to talk about your financial situation, and your mortgage options, please don't hesitate to contact me, I'd love to work with you.

BILL FRASER
OWNER / MORTGAGE EXPERT

BOOK AN APPOINTMENT CONTACT ME
RECENT POSTS

Co-Signing a Mortgage in Canada: Pros, Cons & What to Expect

By Bill Fraser • July 21, 2026
Co-Signing a Mortgage in Canada: Pros, Cons & What to Expect Thinking about co-signing a mortgage? On the surface, it might seem like a simple way to help someone you care about achieve homeownership. But before you sign on the dotted line, it’s important to understand exactly what co-signing means—for them and for you. You’re Fully Responsible When you co-sign, your name is on the mortgage—and that makes you just as responsible as the primary borrower. If payments are missed, the lender won’t only go after them; they’ll come after you too. Missed payments or default can damage your credit score and put your financial health at risk. That’s why trust is key. If you’re going to co-sign, make sure you have a clear picture of the borrower’s ability to manage payments—and consider monitoring the account to protect yourself. You’re Committed Until They Can Stand Alone Co-signing isn’t temporary by default. Even once the initial mortgage term ends, you won’t automatically be removed. The borrower has to re-qualify on their own, and only then can your name be taken off. If they don’t qualify, you stay on the mortgage for another term. Before agreeing, talk openly about expectations: How long might you be on the mortgage? What’s the plan for eventually removing you? Having these conversations upfront prevents surprises later. It Affects Your Own Borrowing Power When lenders calculate your debt service ratios, the co-signed mortgage counts as your debt—even if you never make a payment on it. This could reduce how much you’re able to borrow in the future, whether it’s for your own home, an investment property, or even refinancing. If you see another mortgage in your future, you’ll want to consider how co-signing could limit your options. The Upside: Helping Someone Get Ahead On the positive side, co-signing can be life-changing for the borrower. You could be helping a family member or friend buy their first home, start building equity, or take an important step forward financially. If handled with clear expectations and trust, it can be a meaningful way to support someone you care about. The Bottom Line Co-signing a mortgage comes with both risks and rewards. It’s not a decision to take lightly, but with careful planning, transparency, and professional advice, it can be done responsibly. If you’re considering co-signing—or want to explore safer alternatives—let’s connect. I’d be happy to walk you through what to expect and help you decide if it’s the right move for you.

Bank of Canada Holds Rate at 2.25% — July 15, 2026

By Bill Fraser • July 15, 2026
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%. The tone of today's announcement is notably more optimistic than previous months. Here's what's changed and what it means for you.