A lender works from your tax documents, not from what you really pocket. Tips that never reached a notice of assessment can’t be counted, even if they come in every shift.
Lenders average differently
Variable, self-employed and commission income each get their own treatment. Some lenders average two years, others use the weaker year. That choice moves your amount more than the rate.
Don’t submit half a file
Gaps get you declined, and a complete file would have passed. Sort the documents first. That way the lender has nothing to fill in with assumptions.
Documents to gather
What the lender will ask for.
Aim of the file
Income and documents
Debts and credit
Property or security
Timeline
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, a five-day financing condition is doable. After, the delay adds up in 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.
