Part of the approval process for a mortgage involves the lender confirming your down payment money, to both ensure you have enough and to meet government requirements for confirming the sources of funds used towards real estate purchases.  Typically, the lender will require your bank statements showing the most recent 90 days of banking transactions for each of you bank accounts that hold funds which will be used towards the purchase.

If possible, it’s best to provide official monthly statements received in the mail or official monthly PDF statements that you download from online banking. These documents are guaranteed to show your full name and the account details correctly.  Depending on your bank, we may also be able to accept an online banking transaction history printout, but only if the printout shows the bank account number and we can match that to your name with another document (like an old paper statement or a VOID cheque).

If you have transferred money between multiple accounts within the 90 day time period, as we will need the 90 days of transaction history for each bank account to show the money moving between them.  This allows us to match up the deposits and withdrawals and confirm for the lender that the funds have been in your possession for the whole period, and that no money has come from illegitimate sources.

As well, if your bank statements show any large deposits (over $1,000) where the source isn’t obvious from the transaction description (direct payroll deposits, tax refunds, etc are fine because they will have a clear description), the lender may request more information about the source of those funds in order to satisfy Federal Government regulations.  Once your broker reviews the bank statements they will confirm if any additional information is needed.

For detailed instructions on how to download your bank statements or generate transaction histories from your online banking, see our custom guides below for each major bank: