Real Estate

Mortgage - what do banks look at?

  • Last Updated:
  • Jan 13th, 2018 2:46 am
[OP]
Newbie
Feb 9, 2016
84 posts
1 upvote

Mortgage - what do banks look at?

I know monthly payroll is safe. If I just get a bonus or dividend at the year end, would it qualify for mortgage purposes?
2 replies
Deal Addict
Oct 29, 2010
4222 posts
599 upvotes
Things that are not part of your steady salary, they will ask for 2-3 years of data so they could average it out.
So if in 2016 you had 10k bonus but in 2017 you had 2k bonus, they will average it out and should be willing to include 6k of average bonus (12 / 2).
That's in general though, there is the possibility that the lender may have slightly different rules for things like that.
My wife was getting overtime and bonus so it's very irregular and Scotia had no problem averaging 2-3 years in order to count it as part of the salary.
I'm getting salary plus commissions but at the time only had 1 year worth of data, they didn't want to include it so we had to apply without it.

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