Mortgage Documentation, Plan Ahead!

Diane Buchanan • December 19, 2018

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 T1013 and has stared 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 exiting mortgage, any time 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 BUCHANAN
 Mortgage Broker

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Smart Steps to Get Your Home Market-Ready

By Diane Buchanan • September 3, 2025
Thinking About Selling Your Home? Start With These 3 Key Questions Selling your home is a major move—emotionally, financially, and logistically. Whether you're upsizing, downsizing, relocating, or just ready for a change, there are a few essential questions you should have answers to before you list that "For Sale" sign. 1. How Will I Get My Home Sale-Ready? Before your property hits the market, you’ll want to make sure it puts its best foot forward. That starts with understanding its current market value—and ends with a plan to maximize its appeal. A real estate professional can walk you through what similar homes in your area have sold for and help tailor a prep plan that aligns with current market conditions. Here are some things you might want to consider: Decluttering and removing personal items Minor touch-ups or repairs Fresh paint inside (and maybe outside too) Updated lighting or fixtures Professional staging Landscaping or exterior cleanup High-quality photos and possibly a virtual tour These aren’t must-dos, but smart investments here can often translate to a higher sale price and faster sale. 2. What Will It Actually Cost to Sell? It’s easy to look at the selling price and subtract your mortgage balance—but the real math is more nuanced. Here's a breakdown of the typical costs involved in selling a home: Real estate agent commissions (plus GST/HST) Legal fees Mortgage discharge fees (and possibly a penalty) Utility and property tax adjustments Moving expenses and/or storage costs That mortgage penalty can be especially tricky—it can sometimes be thousands of dollars, depending on your lender and how much time is left in your term. Not sure what it might cost you? I can help you estimate it. 3. What’s My Plan After the Sale? Knowing your next step is just as important as selling your current home. If you're buying again, don’t assume you’ll automatically qualify for a new mortgage just because you’ve had one before. Lending rules change, and so might your financial situation. Before you sell, talk to a mortgage professional to find out what you’re pre-approved for and what options are available. If you're planning to rent or relocate temporarily, think about timelines, storage, and transition costs. Clarity and preparation go a long way. The best way to reduce stress and make confident decisions is to work with professionals you trust—and ask all the questions you need. If you’re thinking about selling and want help mapping out your next steps, I’d be happy to chat anytime. Let’s make a smart plan, together.

From Summer Shine to Fall Fine: Smart Home Projects to Tackle Before the First Frost

By Diane Buchanan • August 27, 2025
As patios wind down and pumpkin spice ramps up, fall is the perfect reset for your home—and your homeowner game plan. These quick wins boost comfort, curb appeal, and efficiency now, and set you up for a low-stress winter (and a strong spring market). 1) Safety & “silent leak” checks (Weekend-ready) Clean gutters & downspouts. Add leaf guards where trees overhang. Roof scan. Look for lifted shingles, cracked flashings, or moss. Seal the shell. Re-caulk window/door trim; replace weatherstripping. Test alarms. New batteries for smoke/CO detectors; add one near bedrooms. Why it matters: Prevent water intrusion and heat loss before storms roll in. 2) Heat smarter, not harder Furnace/boiler tune-up and filter change. Smart thermostat with schedules and geofencing. Draft hunt. Foam gaskets behind outlets, door sweeps on exterior doors. ROI tip: Efficiency upgrades lower monthly bills and can improve lender ratios if you’re eyeing a refinance later. 3) Fall-proof your yard (so spring you says “thanks”) Aerate + overseed + fall fertilize for thicker turf next year. Trim trees/shrubs away from siding and power lines. Mulch perennials and plant spring bulbs now. Shut off/bleed exterior taps and store hoses to avoid burst pipes. 4) Extend outdoor season (cozy edition) Portable fire pit or propane heater + layered blankets. Path/step lighting for darker evenings (solar or low-voltage). Weather-resistant storage for cushions/tools to preserve value. Neighborhood curb appeal: Warm lighting and tidy beds make a big first impression if you list in shoulder season. 5) Water management = winter peace of mind Re-grade low spots and add downspout extensions (2–3+ metres). Check sump pump (and backup). Look for efflorescence or damp corners in the basement. 6) Mini-renos that punch above their weight Entry/mudroom upgrade: hooks, bench, boot trays, closed storage. Laundry room tune-up: counter over machines, sorting bins, task lighting. Kitchen refresh: new hardware, tap, and under-cabinet lighting in one afternoon. Budget guide: Many of these land under a micro-reno budget—perfect for a modest line of credit. 7) Indoor air quality tune-up Deep clean vents and dryers (including the rigid duct). Add door mats (exterior + interior) to catch grit/salt. Houseplants or HEPA purifier for closed-window months. Fast Timeline (pin this to the fridge) Late August–September Gutters/downspouts, roof/caulking, HVAC service, lawn care, plant bulbs, exterior tap shut-off plan, path lighting. October Weatherstripping/sweeps, fire pit setup, organize mudroom/garage, test alarms, sump check, downspout extensions, dryer vent cleaning. Financing smarter: make your mortgage work for your home Annual mortgage check-in. As rates, income, and goals evolve, a quick review can free up cash flow or open options for a small fall project budget. HELOC vs. top-up refinance. For bite-size projects, a HELOC can be flexible. For bigger renos you plan to pay down, a top-up refi might make more sense. Bundle & prioritize. Knock out the high-impact, low-cost items first (air sealing, safety, water management) before the cosmetic upgrades. Not sure which route fits your fall plans? We’ll run the numbers and map the best financing path for your specific budget and goals. Quick Checklist (copy/paste) ☐ Clean gutters/downspouts; add guards ☐ Roof & flashing visual check ☐ Re-caulk, weatherstrip, add door sweeps ☐ HVAC service + new filter ☐ Aerate/overseed/fertilize; trim trees; plant bulbs ☐ Path & entry lighting ☐ Drain/bleed outdoor taps; store hoses ☐ Downspout extensions; sump test ☐ Dryer vent cleaning ☐ Mudroom/garage organization ☐ Schedule mortgage review / discuss HELOC vs refi Ready to make fall your low-stress season? Book a quick fall mortgage check-up—15 minutes to see if a small credit line or a tweak to your current mortgage could cover your priority projects without straining cash flow.