Posted On Jan 18, 2024

When it comes to securing your mortgage approval, understanding how various income structures are qualified is crucial. Here's a breakdown:

1. Full-Time Permanent:
Verified by an employment letter and pay stub showing guaranteed salary or hourly pay.

2. Part-Time Permanent:
Similar to full-time, confirmed with an employment letter and pay stub.

3. Part-Time Casual:
Utilize a 2-year average of the most recent T4/Notice of Assessment.

4. Seasonal:
Same as Part-Time Casual, relying on a 2-year average of the most recent T4/Notice of Assessment.

5. Commission/Bonus Income:
Assess with a 2-year average of the most current T4/Notice of Assessment.
Additionally, salary or hourly pay can complement commission/bonuses.

6. Self-Employed (Sole Proprietor):
Qualification involves a 2-year average of the most current Notice of Assessment.

7. Self-Employed (Incorporated):
A 2-year average of the most recent T4/T5 is considered for approval.

Understanding these criteria helps you navigate the mortgage qualification process.

 

Danny Bell, AMP
Mortgage Broker | Lic.#M13001996
T. 289-200-9061
The Mortgage Centre
Durhammortgage.com Ltd. 
Reg. #10231
 
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