What you’ll need to refinance your mortgage
To qualify for a refinance, lenders look for three things:
1) Credit
- A stronger score helps you qualify with A-lenders and keeps rates/fees lower.
- If your score is below ~680, approval may come from B-lenders or private lenders, typically with higher rates/fees.
2) Approved income (documents vary by how you’re paid)
Salaried / Guaranteed full-time hourly
- Letter of Employment
- Recent pay stub
- (Sometimes) most recent Notice of Assessment (NOA)
Part-time / Commission / Seasonal / Overtime / Bonuses
- Letter of Employment
- Recent pay stub
- Last 2 years T4s
- Last 2 years NOAs
Self-employed
- A-lenders:
- Last 2 years T1 Generals
- Last 2 years NOAs (personal/business as applicable)
- Last 2 years business financial statements (and T2s if incorporated)
- Articles of Incorporation (if applicable)
- B-lenders (typically with 20%+ down/equity):
- 6–12 months bank statements (to support deposits/income trends)
- Proof of business ownership (1–2 years)
- May ask for key contracts/invoices/receipts
Pension / CPP / OAS
- T4A (most recent year)
- 3 months bank statements showing automatic deposits
- Pension statement (if available)
Canada Child Benefit (CCB) (children 14 and under)
- CCB annual statement or most recent T4A
- Bank statements confirming deposits
- Proof of child’s age (birth certificate)
3) Equity (property value)
- An appraisal may be required. Typical timeline: up to ~7 days (can be longer).
- Estimated cost: ~$400 for in-town; higher for rural/out-of-town.
- Commercial appraisals generally start around $2,500.
Also needed
- Current property tax statement
- Government ID: clear copies front & back (driver’s license is fine)
You can email, upload, or text documents—whatever’s easiest. If you’d like a secure upload link, I can send one.
