April 6, 20263 min read
For many Canadian homebuyers, this question comes up before they are ready to make an offer. A mortgage application can usually use qualifying income from more than one borrower, which can increase purchasing power but also brings every borrower's debts and credit into the application.
What lenders actually look at
Here is what matters most:
- Each borrower normally provides income and employment documentation.
- The lender includes applicable liabilities for all borrowers when calculating debt-service ratios.
- A weaker credit profile or large debts from one applicant can affect the combined file.
- All borrowers on the mortgage are responsible for the debt according to the mortgage agreement.
Run the numbers both jointly and individually if you want to understand exactly what the second income adds.
Want this applied to your own numbers?
Call Phil Cragg at 866-349-4915 or request a written comparison.
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