Two or three employers at once: each income counts if it has lasted, and the lender wants a letter and pay stubs from each. What holds up, what doesn’t.
Lenders go by what the tax paperwork says, not by what lands in your account. If income never shows on a notice of assessment, it can’t be counted, even when it comes in like clockwork.
Lenders average differently
Some lenders average two years of variable or commission income, others use the weaker year. Self-employed files get the same split. It changes the amount you qualify for a lot more than the rate does.
A thin file invites a no
Send an incomplete package and you may get a decline that a full one would have avoided. Sort the papers before submitting, so the lender isn’t left to assume things about you.
Documents to gather
What the lender will ask for.
Why you’re borrowing
Income and paperwork
Debts, credit
Property or collateral
How soon you need it
Lenders to approach
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. Get them together before the offer and the five-day financing condition holds up. After the offer, it’s a scramble.
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.
