Salaried Employee Mortgage
The Mortgage Group Canada Inc.

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  Salaried Employee

• Approving aSalaried Employee is typically the most basic of mortgage applications. For a salaried individual, the lender will require you to provide a job letter and a recent pay stub and give some proof that you’ve been in the same industry for at least 2 years. 

• Commissioned sales people – (CMHC Only – Genworth has discontinued)
  Salaried + Commission
  Salaried + additional unclaimed (unverifiable) income – this may include: bartenders, waitresses, doormen, dancers, plumbers, electricians, carpenters, etc. Any position that has a cash component to it that is not verifiable or claimed.

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  If you have overtime or any additional income the lender may ask for a two year average of the total income, If your income is rising, lenders may take a 3-year average but if your income is declining, the lender may take the last year to qualify you. Be sure to explain to your mortgage broker any unusual fluctuations in your income. Depending on the lender and your situation, the following documents may be required: 
  
  1) Job letter
  2) Pay stub (not older than 30 days)
  3) Past 3 years T4s
  4) Past 3 years Notice of Assessments (NOA)
  
  Please note that lenders carefully review all income documentation. If your documents are not consistent, ie. Job letter states one income and paystubs state differently. You will have to follow this up with additional proof and you can also expect them to phone your employer to verify the information.
  
  If there has been something unusual about your income or employment situation, it is best to disclose this information up front to your mortgage broker. It could be that you were laid off for a while, or on maternity leave, or took a 6-month holiday. All of these explanations are understandable. However, if this information is not disclosed up-front, your application could be delayed or even declined. 

   

Mortgage Solutions

Our service areas for the Greater Vancouver Regional District includes the cities and towns of:Vancouver, Richmond, Burnaby, New Westminster, Delta, Surrey, White Rock, Langley, Abbotsford, Chilliwack, West Vancouver, North Vancouver, Port Moody, Coquitlam, Port Coquitlam, Pitt Meadows, Maple Ridge, and Mission British Columbia.

Our service areas for the Okanagan Regional District includes the cities and towns of: Armstrong, Ashcroft, Cache Creek, Chase, Clinton, Enderby, Falkland, Golden, Kamloops, Kelowna, Keremeos, Lake Country, Lumby, Merritt, OK Falls, Oliver, Ossoyoos, Peachland, Penticton, Princeton, Revelstoke, Salmon Arm, Vernon, and British Columbia.

Our service areas for the Vancouver Island Regional District includes the cities and towns of: Victoria, Saanich, Esquimalt, Oak Bay, Colwood, Langford, Sooke, Campbell River, Chemainus, Comox, Courtenay, Cumberland, Duncan, Ladysmith, Lake Cowichan, Nanaimo, Parksville, Port Alberni, Qualicum, Sidney, Tofino, British Columbia.