Need more income to GET APPROVED?

Mortgage Tips Amritjot Saini 6 Aug

Need more income for Mortgage Approval?

Canadians and immigrants struggle alot to be able to afford a house. But many face challenges in getting mortgage approved. We ensure to pay credit timely and maintain good credit history. Then, try to save for down payment. Sadly, the Canadian banks and mortgage lenders only qualify a few applicants as home buyers. The reason is need of more Income for mortgage approval.

Firstly one may wonder how to get one’s #s right. So, one starts a business and is able to generate some passive income. Or one may find another part time job. But it is hard to know which income and what portion of it do banks consider qualifying.

If you want to calculate how much income you need or how much house you can qualify for, contact me or download my app.

Mortgage income calculator


Well, here’s the answer

  1. Fixed Income: Salaried full-time. Long term benefits. Part-time income with guaranteed hours.
  2. Support Income: Child support. Spousal support.
  3. Variable Income: Overtime, bonus. Causal with non-guaranteed hours. Contract. Investment income. Secondary employment. Part-time income with non-guaranteed hours. Commission income. Self-employed income.
  4. Self-Employed Income: Sole proprietors. Partnerships. Limited or incorporated companies. Individuals employed by a family business.
  5. Investment Income: Dividend, interest, and registered retirement income.
  6. Parental Leave: 100% of return to work income may be used. Given, employer provides written confirmation indicating return date and salary.
  7. Foreign Sources: Only income declared and taxes in Canada.
  8. Seasonal Workers: 100% of E.I. can be used. Given 70% of total qualifying income comes from salary paid by employer. Remaining 30% from E.I.
  9. Other: Professional athletes. Trust income. Foster children. Car allowances. Cost of living adjustments by employer.
  10. Rental Income: 100% of rental income is acceptable. But you need to account for monthly mortgage, property tax and heat expenses.


Income stated from 1 to 8, all require minimum 2 years’ history on the tax returns. This means your qualifying income may be the lesser of the average of last 2 years’ income or the last year’s income. If your income is higher than your last 2 years’ average, it can be used to qualify you for more mortgage, given you’ve a letter of employment with guaranteed hours.

However, I’ve got ways to help you increase your capacity and qualifying income. Plus, a special a technique to use up to 85% of your rental properties’ income, after all mortgage, property tax and heat expenses, to get you approved for your next investment.

So what’re you waiting for? Use my knowledge, resources and connections and GET APPROVED. Call (647) 568-5120.

Sourced from CMHC.

Mortgage Rates and Lenders

Mortgage Tips Amritjot Saini 4 Aug

Current Mortgage Rates and Lenders

You deserve the best mortgage. And to help you make the right decision,  I am here. In the current mortgage rates sheet, you’ll find your options for variable or fixed mortgage rate with terms ranging from 6 months to 10 years. Plus, you may be able to get more discounts on these published rates. To know what lowest rate you are eligible for, fill this form or call (647) 568-5120.

Different banks offer different mortgage rates

Rates are not same for every bank. In fact, you may notice banks posting different mortgage rates for similar mortgage programs. To illustrate, TD bank may offer prime rate while Scotiabank might offer prime – 0.5%.

The reason for difference in rates is each bank has a different lending criteria. While some may be comfortable with a specific amount and others may not be down to take that risk. What most people don’t understand is which bank to go to and apply for mortgage. This is why you need to shop around and compare rates from multiple banks whenever you get a new mortgage, renew your mortgage, or refinance. But every time you do so, your credit takes a hit and if you apply more, banks flag you as a credit seeker.

mortgage broker brampton

Well, what should I do?

Answer is simple. Contact a Licenced Mortgage Professional. As Mortgage Agent, I have access to over 90 lenders and expertise in their programs and rates. Once I review a file, I know exactly which lenders would accept it. All I need to do is pull 1 credit report and I can send the file to as many lenders as I want. And when I approval, I can negotiate terms and rates to make you happy! All this at NO COST TO YOU! (Except in rare complications where my expertise and connections are required)

Bank mortgage rates are mostly higher than what mortgage agents and brokers have.

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