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#mortgagetip – Fluctuating Income

October 05, 2016 | Posted by Nathan Zacharias | Tagged in

Fluctuating Income #mortgagetip

Tips Sign On KeyboardWhat happens when your income is inconsistent and/or fluctuates?

Just because your 3 year average income is $150k doesn’t mean this is the income we can use on your mortgage application. You need to consider the following when applying for a mortgage:

    • If you income is on a downward trend, the lender will likely use the lowest and most recent year as your total income, which can drastically change your application and debt servicing


    • Lenders like to use the 2 most recent years on your tax return, so in many cases the 3 year average can’t be used (eliminate 3rd most recent year)


    • Lenders generally will not use year-to-date income to help your application, but, you can bet your hat they will use it against you if it doesn’t support the previous 2 years! Beware!


    • If your income is very volatile, even if you are posting big numbers, it may be enough to cause a cautious lender to pass on your deal


    • Line 150 on your NOA –Notice of Assessment- is very important in decision making, however, if you have a complex tax return, then lenders may examine your T1 General and start to dissect and pull out income they deem unreliable. This might include dividends, partnership income, old age security, child tax benefits, farming income, capital gains etc.


Debt Servicing is not as strait forward as it once was. Before you purchase your home it is important that you contact your mortgage broker for guidance!


For more information text Nathan at 403-585-8263 or email him


Nathan Zacharias B. Comm. – Broker -Axiom Exzact Mortgage