Mortgages for a new to commission income clients have typically been a challenge. Banks usually want to see at least two years of strong income combined with a good credit rating. However there are options for commission income mortgages in Ottawa.
The challenge is that many people starting in a commission-based role usually show lower income at first. If they do see success right away, the expenses that they write off can lower their Notice of Assessment figure.
With as little as six months tenure in a commission-based or salary plus commission role and 15% down I can help you into a home without using traditional income verifications.
Some alternative lenders will focus more on the equity in the property, your credit history and your future earning potential to assist with the application. This can be a stepping stone solution until you have two full years of tenure in your commission role and have created more stability.
From there, as you grow in your employment we can look to traditional lenders again at renewal. In the meanwhile, you will have been able to stop renting, pay down your mortgage and build equity.
Contact me today to learn more.