Joel DyckReal Broker SK Ltd.
Saskatoon · From the topic map

Is your job stable?

Income stability matters more to a mortgage lender than income size, because Canada's mortgage stress test, run under Office of the Superintendent of Financial Institutions guidelines, qualifies borrowers against a higher rate than the one you are actually offered. A recent job change or a move to contract work can affect your file even without a pay cut.

Two years of stable, documented income is the general benchmark most Canadian lenders look for, and self-employed or contract income typically needs 2 years of tax returns to qualify at the same level as salaried income.

For a Saskatoon seller who is also buying, this affects the next mortgage more than it affects your listing. A stable job or a documented two-year self-employment history keeps the next purchase on schedule once your current home sells.

Get your hand-reviewed valuation from Joel Dyck.

Get your hand-reviewed valuation from Joel Dyck.

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