Understanding How Banks Treat Part-Time Income for Mortgage Approval

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Finance News

Canada,Housing Market,Mortgage Approval

Learn about how banks in Canada treat part-time income when it comes to qualifying for a mortgage and the factors that determine eligibility.

A new home is displayed for sale in a new housing development in Ottawa on Tuesday, July 14, 2020. Prospective buyers have lamented the torrid pace Canada's real estate market has moved at in recent years, but many feel 2023 may be the year their luck changes. THE CANADIAN PRESS/Sean KilpatrickHousing has become one of the most talked about topics in Canada, as the country deals with high interest rates affecting mortgages and approvals.

If you want to boost your chances of getting approval, Napolitano recommends getting a letter from your employer to prove guaranteed hours and two to three paystubs. According to Napolitano, expanding the amortization period to 30 years from 25 years will help buyers qualify easier of a mortgage. "While it's currently possible to get an insured mortgage with a new build, it's rare," he said in a statement.

A group of excited owners moved into brand new homes in a bustling Oakville suburb. Then construction ramped up. The former captain of the Canadian Men’s National Soccer Team, Atiba Hutchinson, recently visited Halifax, and reflected on a successful career on the pitch.The 6th annual Fast Fox Race took over Moncton’s Mapleton Park on Saturday morning bringing in athletes of all shapes and sizesA group of excited owners moved into brand new homes in a bustling Oakville suburb. Then construction ramped up.

Kasper Halttunen scored the game-winning goal and added two assists as the London Knights defeated the visiting Kitchener Rangers 5-1 in OHL playoff action on Saturday.Middlesex OPP are warning residents to be careful after they learned a person sustained serious injuries from an attack by dogs.As part of the goal to look after the wellbeing of first responders, the first annual Marathons for Mental Health 5k run was created.

 

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