Your employment letter, how long the probation lasts and your record in the same industry. Changing employers inside one field reads far better than switching careers altogether.
Different lenders, different math
On variable, self-employed and commission income, some lenders average two years and others use the weaker one. That difference sets the amount you can borrow far more than the rate.
Don’t send a patchy file
An incomplete file gets declined, and a complete one might not have. Sort your documents first, so the lender isn’t guessing to fill in what’s missing.
Documents to gather
What the lender will ask for.
Goal of the file
Income and documentation
Debts and credit
Property or security
Timeline
Lender options
Frequently asked
Should I wait until probation ends to buy?+
Not necessarily. Several lenders accept permanent employment that’s still in its probation period, especially in the same field. Others want it finished first. That’s exactly the kind of file where choosing the right lender changes the outcome.
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. If they’re together before the offer, a five-day financing condition is workable. After the offer, 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.
