Did you know that we DO NOT require these income sources to be averaged over 24 months? This can make a significant difference in your mortgage application process.
Flexible Income Sources
We recognize that many of our clients have diverse income streams. Here are some examples of additional income sources that we consider:
- Commissions: If you earn a significant portion of your income through commissions, you’ll be pleased to know that we can use your most recent year’s earnings and year-to-date (YTD) figures for our calculations.
- Overtime: For those who regularly work overtime, we take into account your most recent earnings, making it easier for you to qualify for a mortgage.
- Bonus: Bonuses can be a substantial part of your income. We ensure that your most recent bonus earnings are considered in our calculations.
- Tips: If you work in an industry where tips are a major part of your income, we’ve got you covered.
- National Reserve/Guard Pay: Your service is valued, and so is your income from the National Reserve or Guard.
- Unemployment Benefits (Seasonal Workers ONLY): For seasonal workers, we consider unemployment benefits as part of your income, provided they meet our criteria.
Simplified Calculation Process
If your additional income source has been consistent for at least 12 months and is increasing, we simplify the calculation process. Instead of averaging your income over 24 months, we use the most recent year and YTD figures divided by the number of months. This approach can often result in a higher qualifying income, making it easier for you to secure the mortgage you need.
Contact us to learn more about our mortgage solutions and how we can assist you in securing the best possible terms for your home loan.