Experts weigh in on T4 vs stated income
Applying for a mortgage with stated income does not mean you will be shut out of the market - the process is just slightly different.
Declaring income to a lender when applying for a mortgage is a very important step in the applicaton process. For many Canadians, this is simply a matter of presenting T4 slips, but for some, it isn't always that easy. Proving income without a government issued T4 definitely involves more paperwork, but it isn't impossible. Several Canadians who are either self-employed or relying on gratuities as part of their income sometimes find themselves shying away from the mortgage market. However, there are many lenders who are happy to work with self-employed individuals. One of the many benefits to consulting an Ottawa Mortgage Broker is their access to multiple lenders who can do just that.