What you earn in real life matters less to a lender than what your tax documents say. Income missing from a notice of assessment doesn’t count, however regular it is.
Match lender to proof
Variable, self-employed and commission incomes don’t get the same treatment everywhere. One lender averages two years, the next takes the weaker one. That difference sets your borrowing amount more than the rate ever will.
Submit once, and complete
An incomplete file is an easy decline. A complete one would have passed. Get the documents sorted before submitting, or the lender will fill gaps with assumptions.
Documents to gather
What the lender will ask for.
The goal
Income, documents
Debts and credit score
Property or security
Target closing date
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. Before the offer, they make a five-day financing condition workable. After it, they add 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.
