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How Does My Auto Loan Affect My Qualification?

HOW DOES MY AUTO LOAN AFFECT MY MORTGAGE QUALIFICATION? Auto loans are usually easy to qualify for but can have serious repercussions when you apply for a mortgage.  It’s not uncommon to see 7-year auto loans.  These loans show up on your credit bureau. Debts...

Pay Stub Dated Within 30 Days

PAY STUB DATED WITHIN 30 DAYS If you are employed and receive a T4, you need to provide a pay stub dated within 30 days of your offer to purchase or your application to renew your mortgage as part of your income confirmation. You will also need a letter of employment...

Do You Need My Credit Score?

DO YOU NEED MY CREDIT SCORE? Short answer: Yes. Lenders need to know your credit history in order to determine your risk profile.  If your score is over 680 you have access to all lenders and all rates.  Scores between 600 – 679 have fewer options.  Scores below...

What Is A T1 General?

WHAT IS A T1 GENERAL? A T1 General is your full tax return in Canada.  It is the detailed return and is usually 25+ pages. WHY IS THIS NEEDED? T1 Generals are needed to confirm income in the following instances: Sole proprietor – confirm business income Self...

What Is The Stress Test Rate?

What Is The Stress Test Rate? In response to runaway home prices, the Federal Government implemented new qualification guidelines starting January 1st, 2018.  Borrowers are required to qualify for financing using a “stress-test” rate of 2% higher than the...