One of the most important pieces of information you will need to provide when applying for a new mortgage is evidence of your gross annual income.  To do this, you'll need to supply your mortgage broker with an employment letter, on company letterhead, confirming:
 - Your current gross or base income
 - How long you have worked at the company
 - Your title, or current position
 - Your status: full-time, regular part-time, contract, or casual

The situation gets a little more involved if you are not working a permanent, full-time job.  For example, contract workers may need to attach a copy of their contract to their employer's letter.  Regular part-time or casual workers must break down their hourly wage and number of hours worked per pay period.  Self-employed or commission-based workers, whose income typically changes from year-to-year, must usually submit two or three years worth of tax returns - although workers of any status should be prepared to provide the same.

Be aware that income from sources other than employment can also be reported in order to qualify for a mortgage.  This income may be generated from a pension, from investments, dividends or annuities, from rental income, from child tax credits, from child support or alimony payments, or from any other income of a continual nature.

Often, borrowers only call their mortgage broker when they're ready to check out different rates, but you're encouraged to call right at the beginning of the mortgage process to gain help through all the different qualifications of applying for a mortgage.

Do you have questions on any step of the mortgage application process?  If so, please call today!