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Refinance and Contributory Income
October 25, 2024 | Posted by: Nicholas Pratile
Rue is refinancing her home for a debt consolidation. Her two adult children, David and Serena, are currently living with Rue while they attend local universities in Ottawa and work part-time to help their mother with living expenses. Rue is separate and is benefiting from their contributions as her household income has reduced since her separation. David and Serena’s drivers licenses were provided to confirm residency, along with pay stubs showing their respective incomes. David and Serena earn an approximate combined monthly income of $2,300, however $1,200 was used on the application.
Added reasonability for contributory income: David and Serena are in their 1st and 2nd year of university and are expected to earn similar (or higher income), throughout the rest of the term of the requested mortgage.
DID YOU KNOW?
You can use up to $1,200 per month in contributory income for immediate family members living in your household!