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Commissions, uneven hours, contracts: how a lender averages income that moves, and why the same Centre-du-Québec file gets two very different amounts.
What matters is whether the income is declared and steady. A lender that wants two years of history will turn down a file another accepts on a twelve-month average. Undeclared income counts nowhere, whatever the amount.
Two years of notices of assessment, still the one proof a lender accepts without argument. Add your employment or commission statements for the period and, if your income follows the seasons, something that shows a full year and not just your best months.
Two years of notices of assessment, recent pay stubs, an employment letter. The lender goes by what your tax records show, not by what lands in your account. Income that shows up nowhere does not count toward a purchase in Centre-du-Québec.
Depending on where the income comes from, the lender takes the current year, a two-year average or a simple employment confirmation. That period sets the amount, not what you are earning this month. Expect it to differ from one lender to the next in Centre-du-Québec.
Notices of assessment, tax returns, financial statements, pay stubs, deposit records. Get them all together before you make an offer. That is what makes a short financing condition workable, since the delay nearly always comes from a third party who has not sent their piece yet.
Income that moves is averaged over one or two years, depending on the lender. That difference in method, more than the amount itself, is why two lenders land on very different borrowing capacities.
To prepare
Yes. It all runs by phone, email or video call, and documents go through online. We can meet in person, but most files get settled without anyone having to travel.
It gets averaged, over one or two years depending on the lender, from what is declared. A good month counts no more than a bad one, and income missing from your notices of assessment does not count at all.
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Contact
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.