Your pension statements, QPP, Old Age Security and any recurring registered withdrawals. Lenders treat these as lasting income, and that plays in your favour when you qualify.
Pick the lender that fits your proof
Variable, self-employed and commission income are handled differently from one lender to the next: some average two years, others take the weaker one. That gap changes the amount you get far more than the rate does.
Don’t send a thin file
An incomplete file invites a decline that a complete one would have avoided. Sort your documents before submitting, so the lender doesn’t fill the blanks with its own assumptions.
Documents to gather
What the lender will ask for.
Goal of the file
Income and documents
Debts and credit
Property or security
Target timeline
Lender options
Frequently asked
Can you get a mortgage after 65?+
Yes. Age alone is no reason to refuse, and pension income is well regarded because you can predict it. Some lenders shorten the amortization, which pushes the monthly payment up. That’s where comparing lenders pays off.
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 before the offer and a five-day financing condition is workable. Get them after and you 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.
