The World is Your Oyster...well, maybe not...but hey, it's easy for you to get a mortgage!
It doesn't matter if you are purchasing, refinancing, or just switching your mortgage from one lender to another, you get treated like everyone else when it comes to the 4 Main Criteria.
The only thing that separates you from the Permanent Full Time Salaried Individual is your PROOF of Income.
The "employed" applicants have it the easiest. They simply provide a Letter of Employment and 2 recent Pay Stubs.
You've got it pretty easy too...only instead of the Letter and Pay Stubs, you have to provide your 2 Most Recent Income Tax information...that includes the T1-General and your Notice of Assessment.
We'll take Line 150 of your Income Tax from each year, and if your earnings are greater in your most recent year, we will average the two years and then we will add an additional 15%. We call it a gross up - better than a gross out we suppose.
However, if your earnings were lower in your most recent year...we will use that figure instead of the average. We'll even do the gross up too.
There is one thing we should mention before we get too far ahead of ourselves though...you must not owe any Income Tax! If you do - it MUST be paid prior to getting your new mortgage. Don't ask "Why?"...it doesn't matter how much you beg, plead, or cry, there is no way around it. Believe us, we've tried.
Like we said...pretty easy. Unless of course you have to pay outstanding Taxes!
What are you waiting for? Click on that shiny "Apply Now" button below! You'll be glad you did!