My Last Year's Income Was Low, Will I Qualify For a Mortgage? - Myths With The Mortgage Pug
We are back with another episode of MYTHS WITH THE MORTGAGE PUG!
Today we are going to cover a very common myth, "my previous year's income was low, so I don't think I would qualify for a mortgage."
This is not true.
In most circumstances, a lender will be looking at what your guaranteed income is.
Let's break down an example:
We are working with a client who, last year, earned $50,000 on their T4. This year, she has earned a raise and a new position for $68,000. In her circumstance and situation, we can qualify her based on that new $68,000 salary.
If you're thinking about holding off because your previous year's income was lower or you have questions or concerns, make sure to reach out to us!
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