I am in the US and this is pretty much how they played the mortgage game out here....
Tax returns last 3 years, pay stubs last 3 months, bank statements last 3 months.
They also wanted to make sure we've had money for the down payment stewing in the bank for 6 months.
The rest of the mountain of paperwork was simply details and they qualified us for a mortgage payment not to exceed 25% of our income.
Life insurance? Not a word-more like mortgage insurance.
Your income, your credit score and your down payment is what banks are interested in out here.
Regards, Joe Trucker
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