Lenders trust what your tax documents show, not what you earn day to day. Income that never appears on a notice of assessment can’t be counted, even if it comes in like clockwork.
Let your proof pick the lender
Variable, self-employed or commission income gets different treatment from one lender to the next. Some average two years, some use the weaker one. That decides the amount far more than the rate.
An incomplete file is an easy no
A file with holes gets declined when a full one would have passed. Sort your documents before you submit. Otherwise the lender plugs the gaps with assumptions.
Documents to gather
What the lender will ask for.
Aim of the file
Income and paperwork
Debts and credit
Property or security
Timeline
Lender options
Frequently asked
Which documents should I gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Ready before the offer, they make a five-day financing condition workable. Gathered after, they cost you weeks.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
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.
