Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Gross monthly income and mortgage debt servicing ratios question

sclitheroe · 07-16-2013, 06:42 PM

Question regarding how gross monthly income is calculated in terms of the debt servicing ratios that are involved in calculating mortgage affordability (and that are a requirement to be met for CMHC insurance)..Gross monthly is easy enough to calculate on its own, but what if you are also paid quarterly bonuses?

Will lenders look at a T4 from the previous year (or a couple years to establish history maybe) and just divide by 12, or is it strictly what you gross on your normal bi-weekly pay cheques?

07-16-2013, 06:42 PM	#1
sclitheroe #1 Goaltender Join Date: Sep 2005 Exp:	Gross monthly income and mortgage debt servicing ratios question Question regarding how gross monthly income is calculated in terms of the debt servicing ratios that are involved in calculating mortgage affordability (and that are a requirement to be met for CMHC insurance)..Gross monthly is easy enough to calculate on its own, but what if you are also paid quarterly bonuses? Will lenders look at a T4 from the previous year (or a couple years to establish history maybe) and just divide by 12, or is it strictly what you gross on your normal bi-weekly pay cheques? __________________ -Scott