Want the mortgage process to go quick & painless?

If you come across that great real estate deal and need to close quickly it's a good idea to be prepared ahead of time. If you're looking for a fast approval you should have certain documents on hand to make things go smoothly. Also, make sure you deal with a mortgage broker that takes care of all requirements quickly - i.e. appraisal, copy of offer, lawyer handling transaction etc..

Some key documents that all lenders require:

1. Recent Notice of Assessment from the CCRA after your income tax has been filed. This is the blue letter you receive after you've filed.
2. A recent pay stub and a letter from employer
3. Financial Net worth overview showing assets and liabilities.
4. If self employed, proof of ownership in a company.
5. Proof of Down payment. All lenders require that you show a 90 history and provide proof of source of funds for any large deposits.

Keep these items in a central spot so that you can locate them quickly. Having these documents easily accessible will make the mortgage experience a lot less stressful for you. You don't want to miss a great opportunity over some missing paperwork.