DID YOU KNOW?
If you do not receive Full Time or Part Time GUARANTEED hours or Base Salary lenders will assess your income differently when determining how much you are able to qualify for?
It is important when applying for a Mortgage – to first get pre-qualified to ensure that YOUR income will be accepted and supported by the lender.
Casual, contract, term or non permanent positions are reviewed and looked at different by lenders looking to qualify your mortgage application.
For example(1): You may be earning the same income as a “FULL TIME” employee *BUT* your current status is “Casual”. In this case the lender will want to see that you have held this specific “Casual” position for 2 or more years, and will want to see your 2 years T4 income history to support your income. A Casual position does not guarantee hours and the lender needs to be able to support what you will actually be making year over year.
For example(2): You may be paid “by the mile” as an employee working for a trucking company or railway. Although your earning potential may be significant, the lender would need to consider a 2 year average to support any income on the file.
Income such as bonus’s, profit sharing, overtime, vehicle allowances etc are also assessed differently. Any additional NON guaranteed income needs to be supported with a 2 year average.
If you are working at or have landed a new full time, guaranteed position this will allow you to qualify immediately for a mortgage pre-approval. (*subject to the application meeting all other approval guidelines)
Often times casual positions, term contracts or other types of employment opportunities can hinder your ability to qualify immediately for a mortgage.
If you are thinking of starting the house hunting process and want to know if your income qualifies to purchase a home- please contact us at 306.933.3386.
We are here to assist you through the entire process. From pre-approval to possession date we are here to wade you through the current mortgage rules, guidelines, and give you advice and guidance on how to qualify now or in the future.
Do not get caught off guard. These are standard mortgage guidelines that all lenders work with across Canada.
We will PRE-QUALIFY your application at the time of submission.
We KNOW what the lenders WILL or will NOT accept. We will ask the hard questions up front, collect your paperwork and review the paperwork that will get submitted to the lender. This will avoid unnecessary costs and wasted time when you are ready to start the house hunting adventure.
Contact us today with any mortgage related questions. 306.933.3386
It is never TOO EARLY to contact your Mortgage Broker.
OR APPLY ONLINE today.