First-Time Buyer Mortgage Planning Guide › Chapter 1
Rajiv, am I ready?
By Rajiv Verma, Mortgage Broker · Mortgage Architects, FSRA Brokerage Licence #12728 · Updated November 3, 2026
Short answer: lenders look at four things: your credit, your income and how you prove it, your debts, and where your down payment comes from. If all four are clean and documented, you’re in good shape. If one isn’t, 6 to 12 months is usually enough time to fix it.
Is my credit good enough?
For an insured mortgage, at least one borrower generally needs a score of about 600 or higher, and most lenders want more. Late payments, collections and maxed-out cards matter as much as the number. Chapter 2 walks through how to check both of your free credit reports and build your credit step by step.
How do lenders look at my income?
| Your income type | What lenders usually want |
|---|---|
| Salaried, permanent, past probation | Job letter, recent pay stubs, T4s and Notices of Assessment (often two years) |
| Hourly or variable hours | Two-year average, T4s and NOAs |
| Commission or bonus | Two-year history, T4s, NOAs |
| Self-employed | Two years of T1 Generals and NOAs, proof your taxes are paid |
| New job or on probation | Depends on the lender and your field; plan ahead |
Nobody told me this
Changing jobs in the months before you buy, even for more money, can delay or change your approval. If a move is coming, talk to me before you accept the offer, not after.
What documents will I need?
Your debts and how they affect your budget are in Chapter 6, and your down payment options are in Chapter 4. Start a document folder now. Chapter 3 has the full checklist, by income type and property type, so you can tick items off as you collect them.
Your Chapter 1 checklist
- ☐ I’ve read Chapter 2 and pulled both credit reports
- ☐ I know which income type lenders will see me as
- ☐ I’ve started my document folder using Chapter 3
- ☐ I’ve stopped applying for new credit
Frequently asked questions
Can I get a mortgage on probation?
Sometimes. It depends on the lender, your field and your work history. Talk to me before you assume either way.
How far back do lenders look at my bank statements?
Usually 90 days for the accounts holding your down payment.
Next up · Chapter 2Rajiv, how do I build my credit?Continue reading →
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Rajiv Verma, Mortgage Broker · Mortgage Architects, FSRA Brokerage Licence #12728 · 15 Gateway Blvd, Unit 201, Brampton, Ontario · Office 289.505.0631 · Direct 647.291.7116
This guide is general education, not personal financial, legal or tax advice. Rates shown are examples as of November 3, 2026, for comparison only, and are not a quote or a commitment to lend. Your rate and approval depend on your application, credit, income, property and lender guidelines. Program rules can change.