You have put an offer on a new home and are in the process of completing the application for financing with your existing lender.
Your expectations are that everything will be approved without a hitch or will it?
If you are a salaried employee and have recently taken on a new position and you are still under job probation – there will be an issue qualifying with lenders.
If you are a self employed individual and have registered your business for 5 years or more, you now have to qualify using your Line 150 income and may gross up your income by 15%. For individuals who qualified under a self-declared income program previously, this new legislation could be problematic.
If you are on maternity leave, lenders have different perspectives on what income they will use to qualify your financing. e.g. Some lenders will use a percentage of your previous annual income to qualify while others will use only your employment insurance income
If you recently have lost your job, you may not qualify at all.
You know what “they” say about making assumptions …
