What counts is what your tax documents show, not what you make day to day. Income that never appears on a notice of assessment stays out of the calculation, however regular it is.
Lenders read income differently
For variable, self-employed or commission income, some lenders average two years and some use the lower one. The gap changes your borrowing amount much more than the rate does.
Weak files get declined
Submit an incomplete file and you invite a refusal a full one would have dodged. Get the papers in order first. Otherwise the lender fills the blanks with assumptions.
Documents to gather
What the lender will ask for.
Why you’re borrowing
Income and documents
Debts and credit history
Property or collateral
Closing timeline
Lenders that accept this
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. Ready after, 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.
