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Finding the right mortgage to suit your needs can be a daunting task.  Being prepared when coming to a mortgage broker or agent can make all the difference.  A lot of the time people will approach a broker or agent and ask about the rates.  And while inquiring as to what the best rates are, is a good start, there is quite a bit more to the process than that.  Educating yourself with some basic knowledge will go a long way (and really impress your broker/agent!)  One of the best things to learn is how you can prove your income.  Proof of income is a must, if you are paid by salary we’re going to need a job letter and a pay stub.  The job letter should consist of three essential components.  The first is your start date.  We need to know how long you’ve been working at your current job.  Your job letter should also contain the position you hold at your company.  And the final piece of information your job letter must contain is your salary.  Lenders like to know you can afford the mortgage you are applying for so having your salary on there is absolutely essential.  If you make commission however things become a little more difficult, but not to fret, we will get you the mortgage you deserve!  When it comes to commission there are a few things a broker/agent will ask you for.  The first thing would be a Job letter containing similar information as above.  However, rather than having a stated income in the letter, we would require 2 year’s T4’s and a pay stub to confirm how much you make on average.  Again, lenders like to know the borrower can afford the mortgage they’re applying for.  So, in order to get you approved we need to show the lender you make enough to support the mortgage you’ve applied for.  For people who are self employed it becomes more complicated yet, but it’s a feasible task any broker or agent will help guide you through!  I’d highly recommend you inquire for details.  These requirements are by no means an exact cookie cutter formula that works for absolutely everyone, but it should be enough to get you started and on the road to a pleasant experience with any brokerage!

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