Mortgage Documentation, Plan Ahead!

Diane Gogar • June 12, 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.

DIANE GOGAR
MORTGAGE PROFESSIONAL
CONTACT ME

Deposit Lending And Bridge Financing

By Diane Gogar • June 25, 2025
Let’s say you have a home that you’ve outgrown; it’s time to make a move to something better suited to your needs and lifestyle. You have no desire to keep two properties, so selling your existing home and moving into something new (to you) is the best idea. Ideally, when planning out how that looks, most people want to take possession of the new house before moving out of the old one. Not only does this make moving your stuff more manageable, but it also allows you to make the new home a little more “you” by painting or completing some minor renovations before moving in. But what if you need the money from the sale of your existing home to come up with the downpayment for your next home? This situation is where bridge financing comes in. Bridge financing allows you to bridge the financial gap between the firm sale of your current home and the purchase of your new home. Bridge financing allows you to access some of the equity in your existing property and use it for the downpayment on the property you are buying. So now let’s also say that it’s a very competitive housing market where you’re looking to buy. Chances are you’ll want to make the best offer you can and include a significant deposit. If you don’t have immediate access to the cash in your bank account, but you do have equity in your home, a deposit loan allows you to make a very strong offer when negotiating the terms of purchasing your new home. Now, to secure bridge financing and/or a deposit loan, you must have a firm sale on your existing home. If you don’t have a firm sale on your home, you won’t get the bridge financing or deposit loan because there is no concrete way for a lender to calculate how much equity you have available. A firm sale is the key to securing bridge financing and a deposit loan. So if you’d like to know more about bridge financing, deposit loans, or anything else mortgage-related, please connect anytime! It would be a pleasure to work with you.

First-Time Homebuyer? A New GST Rebate Could Put Thousands Back in Your Pocket

By Diane Gogar • June 20, 2025
If you’re a first-time homebuyer eyeing a new build or major renovation, there's encouraging news that could make homeownership significantly more affordable. The federal government has proposed a new GST rebate aimed at easing the financial burden for Canadians entering the housing market. While still awaiting parliamentary approval, the proposed legislation offers the potential for thousands in savings —and could be a game-changer for buyers trying to break into today’s high-cost housing landscape. What’s Being Proposed? Under the new legislation, eligible first-time homebuyers would receive: A full GST rebate on homes priced up to $1 million A partial GST rebate on homes between $1 million and $1.5 million This could mean up to $50,000 in tax savings on a qualifying home—a major boost for anyone working hard to save for a down payment or meet mortgage qualification requirements. Why This Matters With interest rates still elevated and home prices holding steady in many regions, affordability remains a challenge. This rebate could offer meaningful relief in several ways: Lower Upfront Costs: Removing GST from the purchase price reduces the total amount of money buyers need to save before closing. Smaller Monthly Payments: A lower purchase price leads to a smaller mortgage, which translates to more manageable monthly payments. Improved Mortgage Qualification: With a reduced purchase amount, buyers may find it easier to meet lender criteria. According to recent estimates, a homebuyer purchasing a $1 million new home could see monthly mortgage payments drop by around $240 —money that could go toward savings, home improvements, or simply everyday expenses. Helping Families Help Each Other This proposal also offers a win for parents who are supporting their children in buying a first home. Whether through gifted down payments or co-signing, a lower purchase price and more affordable monthly costs mean that family support can go further—and set first-time buyers up for long-term success. Is This the Right Time to Buy? If you’re thinking about buying a new or substantially renovated home, this proposed rebate could dramatically improve your financial position. Now is the perfect time to explore your options and make sure your mortgage strategy is aligned with potential policy changes. 📞 Let’s connect for a free mortgage review or pre-approval. Whether you’re buying your first home or helping someone else take that first step, I’m here to help you make informed, confident decisions.