Probationary employment mortgage for a property in Salaberry-de-Valleyfield
Some lenders finance during probation, others wait until the position is confirmed. How to tell which is which before you make an offer in Salaberry-de-Valleyfield.
The lender wants to know whether the income will continue. A change of employer in the same field holds up well. A probation or a leave depends on the employer’s letter and the expected return date. Policies differ enough that one no isn’t the final word.
Documents before comparison
An employment letter stating the position, salary, start date and, where it applies, the end of probation or the expected return date. Add whatever pay stubs you have, plus your notices of assessment from earlier years. They show your income carried through the change.
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 Salaberry-de-Valleyfield.
Income period reviewed in Salaberry-de-Valleyfield
Depending on where the income comes from, the file in Salaberry-de-Valleyfield 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.
