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.
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Andrew Thake is a seasoned mortgage broker with over 15 years of industry experience. He’s assisted more than 2,200 clients in finding their ideal mortgage solutions. Recognized for his excellence, Andrew has received high honours and awards, including the National Rookie of the Year from TD Canada Trust and recognition as a Top 10 Ottawa Mortgage Broker in 2023. He has also been inducted into the Hall of Fame at Dominion Lending Centres and has consistently received their Platinum Award during his tenure as a mortgage broker.
Andrew’s dedication lies in serving his clients and prioritizing their needs with an empathetic approach. Throughout the application process, he provides tailored, informed, and efficient services to ensure the best mortgage solutions for his client’s unique circumstances. The best part of Andrew’s job is when he gets to see the joy on his clients’ faces following their mortgage approval.
