Income FAQ’s

• A co-sign is the addition of another borrower added to your application for the purpose of increasing your total qualifying power.
• The process of adding a co-sign to your application is a straightforward step. Essentially, we are factoring in both the income AND the debts of that applicant, including their credit worthiness.
• A co-sign applicant is looked at the exact same way a primary borrower is viewed on a mortgage application.

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• Yes
• There will be variables like your length of time in the industry, probation timeline, credit, income, & down payment.

You sure can! This is called a Net Worth Mortgage Program.

If you have a minimum of $250,000 in “liquid” assets in an account for longer than 90 days, we can use those savings to help you qualify.

Let’s take a deeper dive at the specific guidelines below:

• For every $1 in liquid assets, you will qualify for $1 in additional mortgage financing.
• Must be earning a minimum income of $1,000 a month in addition to this program.
• These funds must be in addition to your down payment.
• You must be a Canadian resident paying taxes in Canada.

If this sounds like you, reach out to one of our trusted advisors to learn more.

• Yes, you can use seasonal income to qualify.
• The same requirements would apply for any income that is earned year-round.

• Absolutely!
• Generally speaking, if you are paid salary or have minimum guaranteed hours a week, we can use your letter of employment to help you qualify.
• Alternatively, if your 2-year T4 averaged income is higher than your letter of employment income we can increase your borrowing power with your letter of employment. Given you earn the majority of your income via OT, commission, or bonus’s, and we can show that you have made a lateral move to a new position in a similar industry, we can justify maxing out your T4 averaged out income to qualify.

• You sure can!
• Did you know that with just six months of bank statements over a twelve-month period, we can secure you a new mortgage by annualizing your gross income deposits. This strategy can help you increase your borrowing power and save you thousands of dollars in taxes.
• A self-employed mortgage product is specifically tailored for those business owners or self-employed individuals earning an income the non-traditional way.

• Traditional Financing – Net income
• Stated Income – Business revenue
• Bank Statements – Usually backdated six months
• Net worth – Liquid assets
• Business Cash Flow – money left in the company

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