What matters is whether the income is declared and repeats year after year. A lender that wants two years of history will turn down a file another one accepts on a twelve-month average. Undeclared income counts nowhere, whatever the amount.
Documents before comparison
Two years of notices of assessment, still the one proof a lender accepts without arguing. Add your employment or commission statements for the period. And if your income follows the seasons, show a full year’s cycle, not just your best months.
Income documents
Two years of notices of assessment, recent pay stubs and an employment letter. The lender trusts what your tax records show, not what lands in your account. Income that shows up nowhere doesn’t exist for a purchase in Joliette.
Income period reviewed in Joliette
Depending on where the income comes from, the file in Joliette may need the current year, a two-year average, or just confirmation of employment.
Supporting records
Notices of assessment, tax returns, financial statements, pay stubs, deposit records. Have it all ready before you make an offer. That’s what lets you work with a short financing condition, since the delay nearly always comes from a third party who hasn’t sent their paper yet.
Lenders that can assess the file
Most lenders average commission and bonus income over two years. One exceptional year won’t carry the file alone. Consistency across the period sets the amount.
To prepare
What to gather.
Income history
Current employment
Recent pay records
Tax documents
Debt ratios
Lender income rules
Frequently asked
Can the file be reviewed remotely?+
Yes. Phone, email or video call, with documents sent online. We can meet in person if you’d rather, but most files get done without anyone driving anywhere.
How does a lender calculate income that changes month to month?+
They take an average, over one or two years depending on the lender, based on what’s declared. A good month doesn’t count for more than a bad one. And income missing from your notices of assessment doesn’t count at all.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
