Will the income last? That’s what lenders are trying to figure out. Changing employers in the same field goes over well. Probation or leave gets judged on the employer’s letter and the return date, and since policies differ, one decline doesn’t close the door.
What to collect before comparing
Ask your employer for a letter with your position, salary and start date, plus the end of probation or expected return date if relevant. Bring whatever pay stubs you have and past notices of assessment to prove the income didn’t stop when the job changed.
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 La Prairie.
Income period reviewed in La Prairie
Depending on where the income comes from, the file in La Prairie 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
Several lenders will finance during probation if the employment letter is clear and the field hasn’t changed. Others wait for the position to be confirmed. That’s internal policy, not a market rule.
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.
Do I have to wait until probation ends to buy?+
Not necessarily. Several lenders accept a file during probation if the employment letter is clear and the field hasn’t changed. Others want three months. That’s their internal policy, not a general rule.
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.
