# What documentation is typically required for a mortgage application, and how might this differ for a 'straight switch'?

> While specific requirements can vary slightly among lenders, the standard documentation confirms income, credit history, and property details.

Category: Regulatory
Last verified: 2026-02-18
Source: https://ratellow.com/faqs/regulatory/what-documentation-is-typically-required-for-a-mortgage-application-and-how-might-this-differ-for-a-straight-switch

## Answer
While specific requirements can vary slightly among lenders, the standard documentation confirms income, credit history, and property details. Even with the *potential* MQR exemption, lenders will still require thorough documentation to evaluate risk. Here's a typical list:

## Institutional highlights
- You'll always need to sign a mortgage application and give your consent for the lender to check your information.
- The lender will need a summary sheet outlining the details of your mortgage.
- Provide the MLS listing and photos of the property you're buying.
- You'll need to provide the purchase and sale agreement.
- Be prepared to prove your income with documents like pay stubs or tax returns.
- The lender will review your credit history and any outstanding debts.
- You'll need to show proof of your down payment, like bank statements.
- An appraisal report will be needed to confirm the property's value.
- Provide your mortgage approval and commitment letter, including any conditions from your lawyer.
- Your lawyer's final report is an important part of the process.
- You'll need to provide proof of your home insurance policy.

## Related guide
- https://ratellow.com/guides/osfi-stress-test-explained

## Sources
- OSFI exempts uninsured mortgage straight switches from the prescribed MQR and implements portfolio LTI limits — https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/osfi-exempts-uninsured-mortgage-straight-switches-prescribed-mqr-implements-portfolio-lti-limits
- Updates After Approval — https://www.sagen.ca/ups/underwriting-documentation/#updates-after-approval
- Mortgage Insurance Prepay and Re-Advance Policy — https://www.sagen.ca/ups/underwriting-documentation/#mortgage-insurance-prepay-and-re-advance-policy-638f55989d20b
- Model validation and stress testing — https://www.osfi-bsif.gc.ca/en/guidance/guidance-library/residential-mortgage-underwriting-practices-procedures-guideline-2017#2.5.3