- April 19, 2024
- Posted by: legaleseblogger
- Category: Related News
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# Seeking Mortgage Rates for Renewal
Hello Everyone,
We purchased our home 2 years ago with a mortgage from RBC at a locked-in rate of 4.79 for 2 years. Our mortgage renewal deadline is fast approaching in November. However, I will be going on maternity/parental leave in July, which adds a layer of complication to the situation.
## Considerations for Switching Banks
I am interested in exploring the mortgage rates offered by other banks as well. If I decide to switch our mortgage to a different bank, I am concerned about how they will assess my income. Will they only consider my Employment Insurance (EI) as my income during my leave, or will they take into account my actual salary as well?
My husband’s income alone may not be sufficient to qualify for a mortgage renewal with a different bank, so it is essential to understand the criteria they use to evaluate income in these circumstances.
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Side question: I’m in a similar boat right now (on parental leave receiving 100% of my salary through EI benefits and an employer top-up). I’m back to work in about three months. I might start mortgage shopping soon. Will my current situation affect the kind of interest rate I could get or just the amount of a mortgage?
I am a broker and as long as you have a letter of employment confirming your return to work date then you are fine.
If you are salaried, we can use your full salary.
I can’t comment on renewals, however when my husband and I purchased our first house I was on maternity leave. The bank required a letter from my employer stating that I had a permanent job, my expected return date and my annual salary.
They considered that, in combination with my maternity leave wages. We were approved for less than we would have been had I been working.
On maternity leave, you will need an employment letter with an expected return date for income qualification.